Cosco bags construction deal to build self-elevating workover unit

It’s slated for delivery in 3Q17.

Cosco’s subsidiary Cosco Nantong has nabbed a construction contract from an Asian ship owner to build a self-elevating workover unit.

According to Cosco’s news release, the deal includes an option to build another similar unit. Further, Cosco Nantong and the ship owner have agreed to keep the contract price confidential.

The unit is slated for delivery in the third quarter of 2017. Meanwhile, the option may be rendered effective by the ship owner at any time four months after but not later than six months of the construction contract.

Barring unforeseen circumstances, Cosco does not expect the contract to materially impact the company’s net tangible assets and earnings per share for the year ending 31 December 2016.