Cosco clinches three contracts worth S$123m

Mainboard-listed shipping and offshore marine firm Cosco Corp has secured three new contracts worth nearly US$75 million US dollars, or about S$123 million.

One contract is to build a floating storage and offloading unit, which marks Cosco’s entry into the lucrative offshore engineering market.

The 52,000 dead weight tonne (dwt) floating and offloading unit, a supporting storage facility of an oil rig, will be built at Cosco Zhoushan Shipyard in January next year.