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Apr 21, 2014 The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) is pleased to announce the following: 1. COSCO (Dalian) Shipyard Co., Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, has secured a contract from an Asian company to build four (4) Emergency Response / Rescue / Field Support Vessels (ERRVs). The four (4) vessels are scheduled for delivery in the first half of 2016. 2. Two (2) shipbuilding contracts signed by COSCO (Guangdong) Shipyard Co., Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, with a European ship owner for the construction of two (2) PX121 Platform Supply Vessels (PSVs) have been declared effective. The two (2) vessels are expected to be delivered in the first and second quarters of 2016 respectively. Additionally, the ship owner has an option to render effective, within six (6) months, two (2) contracts for the construction of similar PX121 PSVs. The Company will announce when the shipbuilding contracts under the option are declared effective. The above mentioned effective contracts for four (4) Emergency Response / Rescue / Field Support Vessels and two (2) PX121 Platform Supply Vessels have a value of approximately USD100 million in total, excluding owner-furnished equipment. Save for their respective shareholdings in the Company, none of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contracts or option contracts. Barring any unforeseen circumstances, the contracts or option 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 31 December 2014. Cosco Corporation (Singapore) Limited |
