$54m Cosco shipbuilding contracts made effective this January

Photo by Cosco Corporation

Additional $54m contracts could activate soon.

In a release, the Board of Directors of COSCO Corporation (Singapore) Limited announced that two shipbuilding contracts signed by COSCO (Guangdong) Shipyard Co., Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, with a European ship owner for the construction of two (2) PX121 Platform Supply Vessels (PSVs) have been made effective on 28 January 2013 at a value of approximately US$54 million in total.

Delivery of the above two vessels are expected in the first quarter of 2015. Additionally, the ship owner has an option to render effective, within six months, two contracts for the construction of similar PX121 PSVs，valued at approximately US$54 million in total. The Company will announce when the shipbuilding contracts under the option are declared effective.

None of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contracts.

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