
COSCO's $170m accomodation unit contract declared effective
To be delivered in two years.
In a release, the Board of Directors of COSCO Corporation (Singapore) Limited announced that the second contract awarded to COSCO (Nantong) Shipyard Co., Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, for the conversion of a semi-completed hull to high end floating accommodation unit valued at over USD 170 million is declared effective.
The unit is scheduled for delivery in 24 months.
Barring any unforeseen circumstances, the contract is 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 2013.