Conversion of large crude carrier tankers to FPSO vessels

The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) wishes to announce that its subsidiary, COSCO (Dalian) Shipyard Co., Ltd. (being a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co Ltd) has secured two contracts totaling over US$100 million to convert two Large Crude Carrier tankers, MT “Radiant Jewel” and “BW Nisa”, to Floating Production Storage and Offloading (FPSO) vessels for a Japanese ship-owner and an European ship-owner respectively. The conversion contracts involve repair and conversion of the vessels to FPSOs. The FPSO for the Japanese ship-owner is designed to operate for 20 years without drydocking and it will have a production capacity of 24,000 M3 oil per day, 5,000,000 Nm3 gas per day and a storage capacity of 1,500,000 barrels of oil (“bbl”). The FPSO is scheduled to be re-delivered to its owner around the third-quarter of 2011 and for deployment in the Petrobras’ Tupi Oil Field, near Brazil. The FPSO for the European ship-owner is designed to have an oil production capacity of 140,000 bbl per day, gas compression of 1,000,000 m3 per day and a minimum storage capacity of 1,400,000 bbl. The FPSO is scheduled to be re-delivered to its owner around the third-quarter of 2011 and for deployment in the Papa Terra Field, offshore Brazil.