COSCO Clinches Contract Worth More Than
USD500 Million For Sevan Driller II Rig

15 March 2010

The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) wishes to announce that its subsidiary, COSCO (Nantong) Shipyard Co., Ltd (“COSCO Nantong”) being a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured an engineering, procurement, construction and installation (“EPCI”) contract worth more than USD 500 million for the Sevan Driller II, a deep water DP3 Semi Submersible Drilling rig now named the “SEVAN BRASIL”.

“SEVAN BRASIL” will be the second Deepwater DP3 Semi Submersible Drilling rig to be awarded by Sevan Drilling Pte Ltd to COSCO Nantong upon the successful delivery in November 2009 of the first Sevan Driller.

With this contract, COSCO Shipyard Group is the only shipbuilder in China to have secured a full EPCI contract to construct a Deep Water DP3 Semi Submersible Drilling rig. Block fabrication for “SEVAN BRASIL” has commenced at COSCO Nantong Shipyard. The “SEVAN BRASIL” is based on the same design as the first Sevan Driller. “SEVAN BRASIL” “is scheduled for delivery in the first quarter of 2012.

Cosco Corporation (Singapore) Limited