Cosco's $200M Deals to 2 Build Semisub Accommodation Vessels Take Effect

Singapore-listed Cosco Corporation (Singapore) Limited (the Company) reported Monday that contracts each in excess of $200 million, awarded to Cosco (Qidong) Offshore Co., Ltd., a subsidiary of the Company’s 51 percent owned subsidiary, Cosco Shipyard Group Co., Ltd. for the engineering, procurement and construction of 2 semisubmersible accommodation vessels for Prosafe have been declared effective.

The vessels will be of Gusto MSC Ocean 500 design and will be equipped with 500 beds, dynamic positioning 3 (DP3) station keeping systems, 10-point chain mooring and 300 ton cranes. This will allow for operations in both DP and anchored mode, providing maximum cost efficiency and flexibility.

The vessels Safe Notos and Safe Eurus are scheduled for delivery in 2016.

Save for their respective shareholdings in the Company, none of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contracts.

Barring any unforeseen circumstances, 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 Dec. 31.

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