Cosco inked USD400m deal with Prosafe SE

Its new orders to-date stood at USD3b.

According to OSK, Chinese shipbuilder Cosco Corporation has secured more than USD400 million in contracts to build two semi submersible accommodation vessels for a new customer, the Oslo-listed Prosafe SE.

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Market reaction to the news was, however, muted; the stock closed at 72 cents, up 0.7 per cent on 1.2 million shares traded. The Chinese shipbuilder signed a letter of intent to build the floating hotel-like vessels with Prosafe SE more than two weeks ago.

The new contracts will bring the group's new orders to-date to USD3 billion; its total orderbook stands at USD7.5 billion. Cosco's subsidiary, Cosco (Qidong) Offshore, will build the vessels in a full turnkey contract, which entails the engineering, procurement and construction of the two vessels. The targeted delivery date is in 2016.