Cosco Shipyard's Units Land $230M Contracts to Build FAU, Module Carrier
Cosco Corporation (Singapore) Limited (the Company) announced Tuesday that shipyards, which are subsidiaries of the Company’s 51 percent owned subsidiary Cosco Shipyard Group Co. Ltd, have secured contracts valued at approximately $230 million to build one Floating Accommodation Unit (FAU) and one Module Carrier as follow:
1. Cosco (Qidong) Offshore Co., Ltd
- Contract from a Singapore entity to build one Floating Accommodation Unit (FAU) scheduled for delivery in 1Q 2017. The buyer has also secured options for five additional FAUs
2. Cosco (Dalian) Shipyard Co., Ltd
- The contract under the first option cited in the announcement dated Sept. 12, 2013 to build one 21,000 deadweight ton (dwt) Module Carrier for a European company has been rendered effective. The vessel is scheduled for delivery in 2Q 2016
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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