The Board of Directors of COSCO Corporation (Singapore) Limited is pleased to announce that COSCO (Zhoushan) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured a contract valued at USD25.85 million from a South East Asian company to build one (1) Semi-Submersible Barge.
The vessel has a deadweight capacity of 32,000 DWT and is scheduled for delivery in the second quarter of 2012. 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 31st December 2011.
[mappress] Source: cosco, June 8, 2011; Image: giavridisgroup