China: COSCO Secures Order for Two Drilling Tender Barges

The Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Guangdong) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured a contract with Energy Drilling Pte Ltd to construct 2 units of Self Erecting Drilling Tender Barges valued at over USD220 million with an option for an additional 2 barges.

The 2 barges under the firm contract are to be delivered in the 2nd quarter of 2014.

The barges will be made to advanced specifications and will be equipped with heavy lift cranes with a safe working load of 400 metric tonnes.

In addition, the barges are designed for quick moves from platform to platform and for maximum drilling uptime and will be able to operate in shallow waters of up to 700ft with its own mooring system. They will also be able to operate in deep waters of up to 6,000ft on Spars oil platforms and tension leg platforms with pre- laid mooring systems supplied by oil companies.

Energy Drilling is a newly incorporated company based in Singapore. It is substantially owned by the Energy Ventures group, a venture capital firm headquartered in Stavanger, Norway.

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Source: COSCO, April 20, 2012