China: COSCO Wins Semi-Sub Accommodation Vessel Contract

The Board of Directors of COSCO Corporation announced that COSCO (Nantong) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured a contract valued over USD200 million from COTEMAR S.A. De C.V., a company incorporated in Mexico, to build one (1) Harsh Environment Semi Submersible Accommodation Vessel.

This vessel will be built to GustoMSC Ocean500 design and have capacity of 750 POB, DP3 Dynamic Positioning system and is designed to operate in the Santos Basin, Gulf of Mexico and in the North Sea.

The vessel is scheduled for delivery in 30 months time. None of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contract.

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Source: COSCO, May 2, 2012