COSCO Corporation Secures Contract Valued USD 66 Million for One (1) Tender Rig

13 April 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 a new unit self erecting tender drilling rig T-17 valued at USD66 million, excluding owner furnished drilling equipment. SEADRILL has now exercised one of the options awarded by COSCO. SEADRILL was awarded altogether two options in February 2011 when T15 and T16 were contracted.

The rig when completed, similar to T-15 and T-16 ordered in February 2011, 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 61 units (of which 13 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 2011.

Cosco Corporation (Singapore) Limited, press release