Cosco Corporation (Singapore) Limited (the Company) announced Wednesday that Cosco (Nantong) Shipyard Co., Ltd. (Cosco Nantong), a subsidiary of the Company’s 51 percent owned subsidiary, Cosco Shipyard Group Co., Ltd., has secured a construction contract from an Asian ship owner to build a Self-elevating Workover Unit with an option to build another similar unit. Cosco Nantong and the ship owner have agreed to keep the contract price confidential.
The unit is scheduled for delivery in the third quarter of 2017.
The option may be rendered effective by the ship owner at any time 4 months after but not later than 6 months of the construction contract.
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 contract.
Barring any unforeseen circumstances, the contract is 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, 2016.
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