Cosco Wins $185.2M Contract for Heavy Lift Vessels

COSCO Corporation (Singapore) Limited, a ship repair & marine engineering and shipping group, said that its 51%-owned subsidiary, COSCO Shipyard Group has secured a contract from Chinese-Polish Joint Stock Company (Chipolbrok) to build four 30,000-dwt MPP heavy lift vessels (HLV). The contract is valued at US$185.2 million (approximately S$287 million).

Under the contract, Chipolbrok has secured the option for two additional heavy lift vessels. Chipolbrok must exercise the option on or before 31 March 2008.

The vessels will be built at the Group's Dalian shipyard from mid-2007 onwards. The first four vessels will be delivered between March 2009 and April 2010.

Mr. Ji Hai Sheng, Vice Chairman and President of the Company and Vice Chairman of COSCO Shipyard Group said, "We are delighted that Chipolbrok has awarded the contract to Cosco Shipyard. This is a vote of confidence in our project management and execution capabilities. Going forward, Cosco Shipyard will continue to build new special purpose vessels, designed to meet the specific needs of our customers."

None of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contract.

The contract is not expected to have a significant impact on the net tangible assets (NTA) and earnings per share (EPS) of the Company for the year ending 31st December 2007.

COSCO Corporation is a diversified group with core activities in shipping and shipping related services. The Group owns bulk carriers and majority stake in the largest shipyard group in China, operates shipping agencies as well as provides marine engineering and ship repair services. COSCO Corporation is the listed subsidiary of China Ocean Shipping (Group) Company, the largest shipping group in China.

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