COSCO commissioned to construct barges worth over USD220 million

The contract with Energy Drilling for 2 units of Self Erecting Drilling Tender Barges are set for delivery in the 2nd quarter of 2014.

In a release by the Board of Directors of COSCO Corporation Limited in Singapore, the COSCO Shipyard Co. Ltd. in Guangdong, a subsidiary of COSCO Shipyard Group Co. Ltd., announced that it has secured a contract with Energy Drilling Pte Ltd to construct 2 units of Self Erecting Drilling Tender Barges valued at over USD220 million with an option for an additional 2 barges. The 2 barges under the firm contract are to be delivered in the 2nd quarter of 2014.

Energy Drilling is a newly incorporated company based in Singapore. It is substantially owned by the Energy Ventures group, a venture capital firm headquartered in Stavanger, Norway.

The barges will be made to advanced specifications and will be equipped with heavy lift cranes with a safe working load of 400 metric tonnes.

In addition, the barges are designed for quick moves from platform to platform and for maximum drilling uptime and will be able to operate in shallow waters of up to 700ft with its own mooring system. They will also be able to operate in deep waters of up to 6,000ft on Spars oil platforms and tension leg platforms with pre- laid mooring systems supplied by oil companies.

The press release specifies that none of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contract. It also clarifies that 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.

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