COSCO delivers FPSO Cidade de Angra Dos Reis MV22

Company also secured contracts for construction of 2 deck barges of 15,000 dwt each worth US$12mln.

The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) announced that COSCO (Dalian) Shipyard Co., Ltd. (“COSCO Dalian”) (being a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd), has delivered its converted FPSO, the FPSO CIDADE DE ANGRA DOS REIS MV22, to MODEC Offshore Production Systems (Singapore) Pte. Ltd. (“MODEC”). The delivery documents were signed by and between COSCO Dalian and MODEC in Dalian. FPSO CIDADE DE ANGRA DOS REIS MV22, classified by ABS, is 29.7 meters in depth, 58.00 meters in breadth, and 318.46 meters in length. The conversion from VLCC to FPSO involved steel fabrication, module installation and integration, the installation of cables, pipe and equipment.

Likewise the Board announced that COSCO (Dalian) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured contracts valued over USD12 million to build two (2) deck barges of 15,000 dwt each. The contracts are effective following receipt of the initial deposits from the Chinese ship owner, according to a COSCO report.

The deck barges which will be built at COSCO (Dalian) shipyards are scheduled for deliveries in December 2010 and March 2011.

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