COSCO secures US$200M deal from COTEMAR

COSCO wins the contract to build one unit of Semi Submersible Accommodation Vessel that will operate in the Gulf of Mexico and in the North Sea.

In a release by the company, the Board of Directors of COSCO Corporation-Singapore Limited announced that COSCO Nantong Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured a contract valued over US$200 million from COTEMAR S.A. De C.V., a company incorporated in Mexico, to build one Harsh Environment Semi Submersible Accommodation Vessel. This vessel will be built to GustoMSC Ocean500 design and have a capacity of 750 POB, DP3 Dynamic Positioning system and is designed to operate in the Santos Basin, Gulf of Mexico and in the North Sea.

The vessel is scheduled for delivery in 30 months time.

The release also emphasized that none of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contract.

COSCO also said that 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 2012.