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COSCO Corporation (Singapore) Limited
OVERVIEW
A leading marine conglomerate, COSCO Corporation
(COSCO) offers advanced capabilities in ship building,
ship repair and conversion, and offshore marine
engineering, supported by six major shipyards
strategically located along China’s coastline. Owned
by COSCO Shipyard Group, a subsidiary of COSCO
Corporation, these six modern shipyards are located
from Guangdong in the south to Nantong, Zhoushan,
Shanghai, and Qidong along the central coast, to
Dalian in the north. Together, these assets and
strengths enable it to meet the evolving challenges
of the global marine industry.
During the financial year,COSCO shipyards completed
and delivered 24 projects. They comprised one jack-
up barge, one transportation barge, one Sevan 650
ultra deep-water cylindrical drilling rig, two tender
rigs, two livestock carriers and 17 bulk carriers. Our
shipyard operations remained our largest revenue
generator, contributing 98.4% to Group turnover. The
offshore marine engineering business generated 70%
of the shipyard revenue, mitigating the decrease in
contributions from the ship building front.
SHIP BUILDING
In 2013, COSCO delivered 17 bulk carriers and two
livestock carriers, the 4,500 sq. metre “Galloway
Express” and “Ganado Express” to a range of local and
international customers. Its international customers
were primarily European. In terms of tonnage, its bulk
carriers ranged from the 35,000 DWT “M. V. CHIOS
LUCK” delivered by COSCO (Guangdong) Shipyard to
the 229 metre long, 92,500 DWT “M.V. OCEAN TOPAZ”
completed by COSCO (Dalian) Shipyard. Both were
delivered to European buyers.
OFFSHORE MARINE ENGINEERING
Leveraging on our growing presence in the offshore
marine engineering business, we successfully
delivered five projects over FY2013. These included
state-of-the-art barges and rigs.
A project highlight for the year is the completion and
delivery of Sevan Louisiana to Sevan Drilling ASA on
23 October 2013. Measuring 99 metres in length,
75 metres in breadth and 24.5 metres in depth, this
modern rig has a working depth of 3,800 metres and
a drilling depth of 12,000 metres. It is the third Sevan
650 ultra deep-water cylindrical drilling rig we have
SHIP REPAIR, SHIP BUILDING
ANDOFFSHOREMARINE ENGINEERING
Operat i ons and F i nanc i a l Rev i ew
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