Cosco's Subsidiaries Bag $100M Contracts to Build 2 PSVs, 4 ERRVs

Cosco Corporation (Singapore) Limited announced Monday that Cosco (Guangdong) Shipyard Co., Ltd, a susidiary of the company’s 51 percent owned unit, Cosco Shipyard Group Co., Ltd, has clinched contracts with a European ship owner for the construction of two PX121 Platform Supply Vessels (PSV).

Under the contracts, Cosco (Guangdong) Shipyard Co. is scheduled to deliver the two vessels in the first and second quarters of 2016, respectively.

In addition, the ship owner can exercise options to construct two similar PX121 PSVs within a six month period. The company will announce when the shipbuilding contracts under the option are declared effective.

Separately, Cosco (Dalian) Shipyard Co., Ltd., another subsidiary of Cosco Shipyard, has won a contract from an Asian company to build four Emergency Response/Rescue/Field Support Vessels (ERRVs) for delivery in the first half of 2016.

The total value of the contracts for the four ERRVs and the two PSVs amounted to approximately $100 million, excluding owner-furnished equipment, Cosco said in a press release Monday.

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