COSCO Corporation Secures Contracts Valued over USD 130 Million for Two (2) Tender Rigs

1 March 2011

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 two units of self erecting tender drilling rig valued over USD130 million, excluding owner furnished drilling equipment. The two rigs when completed will be equipped with enhanced drilling capabilities allowing for higher drilling efficiency including the advantage of a light weight drilling equipment set.

Seadrill is a leading offshore deepwater drilling company and operates a versatile fleet of 56 units 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.

The two units are scheduled for delivery in first quarter 2013 and third quarter 2013 respectively.

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 2011.

Cosco Corporation (Singapore) Limited, press release