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COSCO Secures USD170 M Contract from Foresight

Source: 8/13/2012, Location: Asia

The Board of Directors of COSCO Corporation (Singapore) Limited wishes to announce that COSCO (Dalian) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured a USD170 million contract from Talland Navigation Limited Corporation, a subsidiary of Foresight Limited (London) to build one unit Jackup Drilling Rig (the Rig) based on the LeTourneau Super 116E Class design.

The Rig will be built to ABS classification, with notation A1, and will be a selfelevating drilling unit. The Rig with drilling depth of up to 30,000 feet, will be capable of operating in 350 feet water, with accommodation for up to 120 persons onboard. The Rig will be equipped for efficient operation and layout, optimization of deck space, ease of material handling, and safety of personnel on board.

The Rig is scheduled to be delivered in the first quarter of 2015. 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 2012.

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