26
COSCO Corporation (Singapore) Limited
Types of Vessels Repaired in FY2014
by Number of Vessels
Shipyard Revenue in FY2014
by Type of Job
Others
12%
Containers
Ships
13%
Chemical
Ships
8%
Tankers
10%
FY2014
Bulk
Carriers
57%
FY2014
Ship Repair
10%
Ship
Building
13%
Ship
Conversion
4%
Marine
Engineering
73%
SHIP REPAIR, SHIP BUILDING
AND MARINE ENGINEERING
Operations and Financial Review
New Orders
As at 31 December 2014, COSCO secured a total order
book of US$8.4 billion, with progressive deliveries up
till 2017. New orders in 2014 included 9 bulk carriers,
8 platform supply vessels, 4 emergency response/
rescue/field support vessels, 4 sub-sea supply vessels,
3 livestock carriers, 1 jack-up rig, 1 accommodation
barge, 1 floating accommodation unit and 1 module
carrier.
In August, we entered into a US$470 million EPCI
contract with Denmark’s Maersk Supply Service
(MSS) to construct 4 sub-sea supply vessels. This
contract entails engineering, procurement, installation,
construction and commissioning works of the vessels
and marks the first time MSS placed newbuild orders
with a Chinese shipyard. The vessels will measure 137
metres LOA, 27 metres in breadth and 11 metres in
depth and will be equipped with an electric propulsion
system, a DP3 dynamic positioning system, dynamically
compensated deepwater cranes, underwater robots
and heli-decks. They are designed to carry out sub-sea
cable laying, well installation and maintenance work.
The vessels are rated for operations in depths of up to
3,000 metres. Delivery of the first vessel is expected in
the fourth quarter of 2016.
We secured a US$184 million contract in May with
Derwent Ocean Limited S.A, part of Foresight Group, to
build one jack-up drilling rig based on the LeTourneau
Super 116E class design. The state-of-the-art rig,
scheduled for delivery in the third quarter of 2016, will be
built to ABS classification, with notation A1. The rig will
be a self-elevating drilling unit capable of drilling high
pressure, high temperature (HPHT) wells. It is capable of
drilling up to 30,000 feet, and operates in depths of up
to 350 feet, with accommodation for 120. The rig will be
equipped for efficient operation and lay-out, and built to
optimise safety, deck space and material handling.
To broaden our engineering experience, we secured
orders from an Asian company in April for 4 Emergency
Response/Rescue/Field Support Vessels (ERRVs).
Scheduled for delivery progressively in the first half
of 2016, the vessels in the new series are designed
to provide emergency response assistance and other
services for offshore oil field facilities. They will adopt
the conventional double engine/propeller propulsion
system and measure 62 metres in length, 15.5 metres
in breadth and 6 metres in depth, and will be equipped
with a bow thruster and a retractable thruster.
In July, we also entered into a contract with a European
owner to build one DP3 accommodation barge
scheduled for delivery in the third quarter of 2016. With
only a limited number of such units in operation or under
construction, the mid-range offshore accommodation
unit is currently in demand in West Africa and the Middle
East market.
