Cosco shipyard wins Malaysian barge building contract

Delivery set for 4Q this year.

In a release, the Board of Directors of COSCO Corporation (Singapore) Limited wishes to announce that COSCO (Zhoushan) Shipyard Co., Ltd. (a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd.), has signed and made effective a contract with a Malaysian shipowner to build a floatover launch barge at a contract value over US$23 million.

The floatover launch barge will measure 10.00 meters high, 38/46 meters wide, 160 meters long and will be capable of transporting & performing float over operations of offshore topside modules structures weighing up to 14500 tons and will also be capable of launching jackets up to 20000 tons. Delivery of the floatover launch barge to the shipowner is expected to take place in the last quarter of 2013.

None of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contract.

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.