Cosco Wins $470M Contracts to Build 4 Subsea Supply Vessels for Maersk
Cosco Corporation (Singapore) Limited (the Company) announced Wednesday that Cosco (Dalian) Shipyard Co., Ltd., a subsidiary of the Company’s 51 percent owned subsidiary, Cosco Shipyard Group Co., Ltd., has secured contracts valued over $470 million excluding owner furnished equipment from Maersk Supply Service AS (MSS), part of the A.P. Moller-Maersk Group, to build 4 subsea supply vessels. MSS has also secured options for 2 additional subsea supply vessels.
The vessels are scheduled for delivery in 4Q 2016 and 1H 2017 respectively.
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 above 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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