COSCO clinches $180m jackup drilling contract
Completion scheduled for 3Q2015.
In a release, the Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Dalian) Shipyard Co., Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, has secured a contract valued over USD180 million from an Asian company to build one Jackup drilling rig.
The rig is scheduled for delivery in the 3rd quarter of 2015.
Barring any unforeseen circumstances, the contract is not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending
31 December 2013.