Cosco clears up shipbuilding contracts' US$54m value

It's exclusive of owner-furnished equipment.

According to a release, Cosco referred to its announcement of 28 January 2013 captioned "two shipbuilding contracts become effective" and clarified that the value of US$54 million cited in paragraphs 1 and 3 of the said announcement excludes owner-furnished equipment for the two PX121 Platform Supply Vessels.

Here's the content of the said announcement dated 28 January:

The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) is pleased to announce that two 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 made effective on 28 January 2013 at a value of approximately US$54 million in total.

Delivery of the above two vessels are expected in the first quarter of 2015.

Additionally, the ship owner has an option to render effective, within six months, two contracts for the construction of similar PX121 PSVs，valued at approximately US$54 million in total.

The Company will announce when the shipbuilding contracts under the option are declared effective.

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