Delivery of FPSO

24 August 2010

The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) wishes to announce that COSCO (Dalian) Shipyard Co., Ltd. (“COSCO Dalian”) (being a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd), has delivered its converted FPSO, the FPSO CIDADE DE ANGRA DOS REIS MV22, to MODEC Offshore Production Systems (Singapore) Pte. Ltd. (“MODEC”).

The delivery documents were signed by and between COSCO Dalian and MODEC in Dalian. FPSO CIDADE DE ANGRA DOS REIS MV22, classified by ABS, is 29.7 meters in depth, 58.00 meters in breadth, and 318.46 meters in length. The conversion from VLCC to FPSO involved steel fabrication, module installation and integration, the installation of cables, pipe and equipment.

By Order of the Board
Jiang Li Jun
Vice Chairman and President
24 August 2010

Cosco Corporation (Singapore) Limited, press release