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COSCO SHIPPING International (Singapore) Co., Ltd. (“COSCO SHIPPING” or the “Company” and together with its subsidiaries, the “Group”) aims to become the best-integrated logistics service provider in South and Southeast Asia. The Company is also involved in dry bulk shipping, ship repair and marine engineering, as well as property management.
News
Signing Of Contract
Further to our announcement made on 15 January 2007, the Board of Directors of Cosco Corporation (Singapore) Limited (the"Company") wishes to announce that its 51% owned subsidiary, Cosco Shipyard Group has on 19 January 2007 signed a contract with Marine Accurate Well ASA (Maracc) to build a GM4000 semi-submersible vessel designed for well intervention services. The contract is valued at US$200 million (approximately S$310 million). The construction work of semi-submersible vessel will commence on 31 March 2007.
The contract provides for Maracc to exercise their option for two additional similar vessels on 30 September 2007 and 31 March 2008 respectively.
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 significant impact on the net tangible assets (NTA) and earnings per share (EPS) of the Company for the year ending 31 December 2007.
For and on behalf of the Board
Ji Hai Sheng
Vice Chairman and President
25 January 2007