Cosco Corporation secures contracts for two accommodation units
The Board of directors of COSCO Corporation Limited announces 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, said in the company's press release.
The contract for the first unit is effective. The units are scheduled for delivery 24 months after the contracts are declared effective. An announcement would be made when the contract for the second unit is rendered effective in six months’ time. None of the directors or controlling shareholders o f the COSCO has any interest, direct or indirect in the contracts. The contracts are not expected to have a material impact on the net tangible assets and earnings per share of the COSCO for the year ending 31 December 2013.
