COSCO Corporation Secures Contract Valued USD75 Million For One (1) Tender Rig

12 April 2012

The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) wishes to announce that COSCO (Nantong) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured a contract with SEADRILL to construct a self erecting tender drilling rig T18 valued at USD75 million, excluding owner furnished drilling equipment. SEADRILL has now exercised the last of the options awarded by COSCO. SEADRILL was awarded altogether two options (over T17 and T18) in February 2011 when T15 and T16 were contracted. The option over T17 was exercised in April 2011, as announced on 13 April 2011.

T18, when completed, will be equipped with enhanced drilling capabilities allowing for higher drilling efficiency including the advantage of a light weight drilling equipment set. The rig is capable to drill at 6,500 feet and a drilling depth capacity of 20,000 feet.

SEADRILL is a leading offshore deepwater drilling company and operates a versatile fleet of 63 units (of which 16 are under construction) that comprises drillships, jack-up rigs, semi-submersible rigs and tender rigs for operations in shallow to ultra-deepwater areas in harsh environment and benign environments. SEADRILL is listed on the New York Stock Exchange and the Oslo Stock Exchange.

None of the directors or controlling shareholders of the Company 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 Company for the year ending 31st December 2012.

Cosco Corporation (Singapore) Limited, press release