Cosco Signed Contract For New Purpose-Built Installation Vessel

26 March 2012

The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) wishes to announce that the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd., has signed a contract valued over US$150 million with an European shipowner to build a vessel specially designed for the purpose of installation of offshore wind turbines. This is the second jack-up vessel which COSCO will be building for the shipowner.

The jack-up vessel will be designed to be able to carry 8 to 10 wind turbines at a time to operate at water depths of up to 45 meters and will have a crane capacity of up to 900 tonnes.

Delivery of the vessel to the shipowner is expected to take place in 2014. The above 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 2012.

By Order of the Board
Wu Zi Heng
Vice Chairman and President
26 March 2012

Cosco Corporation (Singapore) Limited, press release