Cosco Nantong Agrees to Defer Delivery of FPSO to European Owner to 1Q 2017
Cosco Corporation (Singapore) Limited (the Company) referred Friday to the Company’s announcement Dec. 17, 2012 in relation to the building contract for a floating production, storage and offloading (FPSO) facility signed between Cosco (Nantong) Shipyard Co., Ltd. (Cosco Nantong), a subsidiary of the Company’s 51 percent owned subsidiary, Cosco Shipyard Group Co., Ltd, and a European company (the Shipbuilder).
The Company announced that the Shipowner and COSCO Nantong have mutually agreed to extend the delivery date of the FPSO, originally scheduled for delivery in 2Q 2015, until 1Q 2017 due to changes in technical requirements from the Shipowner.
Construction of the FPSO is on-going.
The extension is not expected to have any material impact on the net tangible assets and earnings per share of the Company for the financial year ending Dec. 31.
The Company will make announcements of any significant development in this matter at the appropriate junctures.
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