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

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.

COSCO, December 19, 2012; Image: axisoff