COSCO: Semi-Submersible Rig Contract Becomes Effective (China)

The Board of Directors of COSCO Corporation (Singapore) Limited announced today, Dec. 19th, that the contract for one Harsh Environment Semi-Submersible Accommodation Rig, signed by COSCO Qidong Offshore Co., Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd with Axis Offshore has been made effective at a value of over US$200 million.

Axis Offshore is a joint venture between Danish shipowner, J. Lauritzen and Norwegian private equity fund, HitecVision.

This rig will be built to Global Maritime’s design, GM500A and will have a capacity of 500 POB, DP3 Dynamic Positioning system and is designed to operate in the harsh environment in the North Sea.

The rig is scheduled for delivery in Q1 2015.

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COSCO, December 19, 2012; Image: axisoff