Cosco Corporation (Singapore) Wins Jackup Barge Contract

Cosco Corporation (Singapore) said Tuesday that its unit, Cosco (Qidong) Offshore, has won a jackup barge contract worth around $20 million from BAM International Australia and Clough Projects Australia. 

Cosco (Qidong) Offshore – a 51-percent owned subsidiary of Cosco Corporation (Singapore) – will build the barge according to the GustoMSC SEA-1250 design. The barge will have a capacity of 300 tonnes deck crane and it will be able to operate in water depth of up to 98 feet (30 meters).
The barge is scheduled to be delivered in 11 months.
"The contract is not expected to have a material impact on the group's net tangible assets or earnings per share for the fiscal year ending December 31, 2012," Cosco Corporation (Singapore) said in a statement.
"This is a small contract win which will not make much difference to the company's year-end earnings," Maybank Kim Eng's Analyst Yeak Chee Keong told Rigzone. 


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