Energy Drilling Orders Drilling Tender Barges from COSCO (China)

China-based COSCO (Guangdong) Shipyard Co. Ltd.  has secured a contract with Energy Drilling Pte Ltd (“Energy Drilling”) 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 prelaid 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.

None of the directors or controlling shareholders of the Company has any interest, direct or indirect in the above contract. The contract is not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending 31 December 2012.

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Source: COSCO, April 19, 2012