Marracc & Cosco Finalize Construction Project

Further to the announcement of January 15, 2007, Cosco Shipyard Group has on January 19, 2007 signed a contract with Marine Accurate Well ASA (Maracc) to build a GM4000 semisubmersible vessel designed for well intervention services. The contract is valued at US$200 million (approximately S$310 million). The construction work of semisubmersible vessel will commence on March 31, 2007.

The contract provides for Maracc to exercise their option for two additional similar vessels on September 30, 2007 and March 31, 2008 respectively.