Arbitration Tribunal Closes Case on Cosco-Deepwater Dalian Drillship Spat
Cosco Corporation (Singapore) Limited (the Company) referred Friday to the Company’s Oct. 17, 2013 announcement in relation to the dynamic positioning 3 (DP3) Deepwater Drillship construction contract (the Contract) between Cosco (Dalian) Shipyard Co., Ltd. (Cosco Dalian) (a subsidiary of the Company’s 51 percent owned subsidiary, Cosco Shipyard Group Co., Ltd) and Dalian Deepwater Developer Ltd. (the Shipowner). The Shipowner had served a notice of termination and submitted a request for arbitration in London.
The Board wishes to announce that an arbitration award has now been issued.
The arbitral tribunal has ruled that Cosco Dalian, having repaid to the Shipowner the first instalment together with interest thereon is not liable to the Shipowner for any further liabilities.
The Company will make announcements of any material development in relation to the DP3 Deepwater Drillship at the appropriate junctures.
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