Amendment Of Vessel Building Contract
For Octabuoy Hull

2 October 2009

The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) wishes to announce that COSCO (Nantong) Shipyard Co., Ltd. (“COSCO Nantong”), a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, has, following a request from an American buyer, ATP Oil & Gas (UK) Limited (the “Buyer”), entered into an amendment agreement (the “Amendment Agreement”) with the Buyer in relation to the contract for the construction of an Octabuoy hull (the “Vessel”) entered into by COSCO Nantong with the Buyer. The contract for the construction of the Vessel was announced by the Company on 9 April 2008.

Pursuant to the Amendment Agreement, the remaining payments for the Vessel amounting to approximately US$99 million will be made upon delivery of the Vessel instead of being paid in instalments as originally agreed. Delivery of the Vessel is expected to take place in early 2011. In connection with the above amendment, title to the Vessel shall remain with COSCO Nantong during the construction of the Vessel and will only be transferred to the Buyer upon full payment by the Buyer. The arrangement will be supported by a Letter of Insurance issued by the China Export and Credit Insurance Corporation (“SINOSURE”) to the benefit of COSCO Nantong.

The Amendment Agreement has been acceded to upon the request of and after negotiations with the Buyer.

The above amendment is not expected to have any material impact on the net tangible assets (NTA) and earnings per share (EPS) of the Company and the Group for the year ending 31 December 2009.

For and on behalf of the Board
Jiang Li Jun
Vice Chairman/ President

Cosco Corporation (Singapore) Limited