The Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Zhoushan) Shipyard Co., Ltd. (a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd.), has signed and made effective a contract with a Malaysian shipowner to build a floatover launch barge at a contract value over US$23 million.
The floatover launch barge will measure 10,00 meters in height, 38/46 meters in width, it will be 160 meters long and will be capable of transporting & performing float over operations of offshore topside modules structures weighing up to 14,500 tons and will also be capable of launching jackets up to 20,000 tons. Delivery of the floatover launch barge to the shipowner is expected to take place in the last quarter of 2013.
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 2013.
[mappress] COSCO, May 10, 2013