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 Floating Production Storage and Offloading vessel (FPSO) conversion contract worth approximately USD95 million from MODEC Offshore Production Systems (Singapore) Pte. Ltd. (MODEC).
The converted FPSO vessel is scheduled for delivery in the fourth quarter of 2016.
None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the contract.
The above contract is not expected to have any material impact on the net tangible assets and earnings per share of the Company for the year ending 31 December 2015.