Cosco inks US$20m construction contract

Cosco Shipyard is set to build one jack-up barge for BAM International Australia.

In a release, COSCO Corporation announced that COSCO Offshore Co.,  Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured a contract valued over USD twenty (20) million from BAM International Australia bv., a company incorporated in the Netherlands, and Clough Projects Australia Pty Ltd, a company incorporated in Australia, to build one (1) Jack-up Barge. This Jack-up Barge will be built to GustoMSC SEA-1250 design and have capacity of 300 tons deck crane and operation in water depth up to 30 meters.

The vessel is scheduled for delivery in eleven months time. 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 2012.