Cosco's Units Clinches $366M Vessel Construction Contracts

Cosco Corporation (Singapore) Limited announced Thursday that three shipyards, which are subsidiaries of the company’s 51 percent owned subsidiary, Cosco Shipyard Group Ltd., have clinched contracts worth $366 million.

Cosco (Guangdong) Shipyard Co. Ltd. was awarded contracts by a Netherlands-based firm to build two platform supply vessels (PSVs). Both vessels are scheduled for delivery in 3Q 2015 and the buyer has options for two additional PSVs. The shipyard also bagged contracts from a Singapore-based company for the construction of two PSVs for delivery in 1H 2015, with the buyer holding options for six additional PSVs.

Separately, Cosco (Dalian) Shipyard Co. Ltd. inked contracts with a China-based agency to build two salvage lifting vessels, which are targeted for delivery in 1H 2015. The Dalian-based shipyard will also build two 21,000 deadweight ton (dwt) module carriers for delivery in 1H 2015 and 2H 2015, respectively to a European based company, who can exercise options for two additional module carriers.

Cosco (Zhoushan) Shipyard Co. Ltd. wins four contracts from another European based firm for four 64,000 dwt dry bulk carriers. The vessels are scheduled for delivery in 2H 2014 and 1H 2015, respectively and the buyer has options for two more dry bulk carriers.

Meanwhile, Singapore-based Axis Offshore - a joint venture between Danish shipowner, J. Lauritzen and Norwegian private equity fund, Hitec Vision - has exercised an option for the construction of a semisubmersible accommodation rig for more than $200 million. The rig will be constructed at Cosco (Qidong) Offshore Co., Ltd.

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