Cosco's Units Bag $350M Deals, Including a Newbuild Jackup for $180M

Singapore-listed Cosco Corporation (Singapore) Limited announced Friday that subsidiaries of the company's 51 percent owned unit Cosco Shipyard Group Co., Ltd. have bagged two construction contracts worth over $350 million.

Cosco (Dalian) Shipyard Co., Ltd., clinched a $180 million contract to build a jackup for an Asian company, with delivery scheduled for 3Q 2015, the company said in an announcement on the Singapore Exchange (SGX).

Cosco reported in a separate announcement on the SGX that a $170 million deal for Cosco (Nantong) Shipyard Co., Ltd., which the latter entered into with a Singapore entity in June, to convert a semi-completed hull to a high end floating accommodation unit has taken effect. The unit is scheduled for delivery in 24 months.

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