COSCO Singapore subsidiary secures $170m conversion contracts

Delivery set after 2 years.

In a release, The Board of directors of COSCO Corporation (Singapore) Limited (announced that COSCO (Nantong) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured contracts from a Singapore entity for the conversion of two semi-completed hulls to highend floating accommodation units (FAUs) valued at over USD170 million each. The contract for the first unit is effective.

The units are scheduled for delivery 24 months after the contracts are declared effective. An announcement would be made when the contract for the second unit is rendered effective in six months’ time.

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

The contracts are not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending 31 December 2013.

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