Cosco Secures Offshore And Shipbuilding Contracts Totaling Usd366 Million

The Board of Directors of COSCO Corporation (Singapore) Limited (the "Company") is pleased to announce that shipyards, which are subsidiaries of the Company's 51% owned subsidiary, COSCO Shipyard Group Ltd has secured contracts totaling USD366 million and options as follows:
1. COSCO (Guangdong) Shipyard Co. Ltd.
a. Contracts from a Netherlands based company to build two (2) platform supply vessels (PSVs). The vessels are scheduled for delivery in 3Q2015. The buyer has also secured options for two (2) additional PSVs.
b. Contracts from a Singapore based company to build two (2) PSVs. The vessels are scheduled for delivery in 1H2015. The buyer has also secured options for six (6) additional PSVs.
2. COSCO (Dalian) Shipyard Co. Ltd
a. Contracts from a PRC based agency to build two (2) salvage lifting vessels. The vessels are scheduled for delivery in 1H2015.
b. Contracts from a Europe based company for two (2) module carriers of 21,000dwt each. The vessels are scheduled for delivery in 1H2015 and 2H2015 respectively. The buyer has also secured options for two (2) additional module carriers.
3. COSCO (Zhoushan) Shipyard Co. Ltd
Contracts from a Europe based company for four (4) dry bulk carriers of 64,000dwt each. The vessels are scheduled for delivery in 2H2014 and 1H2015. The buyer has also secured options for two (2) additional dry bulk carriers.
Separately, Axis Offshore, a joint venture between Danish shipowner, J. Lauritzen and Norwegian private equity fund, Hitec Vision, has pursuant to an option; rendered effective a contract valued at more than USD200 million for one (1) unit Semi-Submersible Accommodation Rig. The rig will be constructed at COSCO (Qidong) Offshore Co., Ltd.
None of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contracts.
The above contracts are not expected to have a material impact on the net tangible assets and earnings of the Company for the year ending 31 December 2013.
Source: Cosco Corporation