COSCO Secures USD200 Mln Semi-Submersible Construction Contract

The Board of Directors of COSCO Corporation (Singapore) Limited 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 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.

COTEMAR S.A. De C.V., has now exercised the first option unit awarded by COSCO. COTEMAR S.A. De C.V., was awarded altogether two option units in March 2012 when the 1st unit hull was contracted.

The vessel is scheduled for delivery in 24 months time.