The Board of directors of COSCO Corporation (Singapore) Limited announced that COSCO (Nantong) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured contracts from a Singapore entity for the conversion of two semi-completed hulls to high- end floating accommodation units (“FAUs”) valued at over USD170 million each.
The contract for the first unit is effective. The units are scheduled for delivery 24 months after the contracts are declared effective.
The company said that an announcement would be made when the contract for the second unit is rendered effective in six months’ time.
[mappress] COSCO, June 21, 2013