The Straits Times / The Business Times News on Cosco

Cosco clinches new contracts

COSCO Corp has won several orders including one to build a semi-submersible rig - a first for the group.

It said yesterday that its 51 per cent-owned unit, Cosco Shipyard Group, has signed a letter of intent with Norway's Marine Accurate Well for the US$200 million (S$310 million) deal. The contract, which has an option for three other vessels, will be signed later this month. The project should take about 34 months.

Separately, the group said Cosco Shipyard has also secured building and conversion contracts worth more than US$250 million. These include a deal worth more than US$200 million to build six bulk carriers, a US$34.6-million conversion job and a US$16.1-million deal to lengthen and convert a dredger vessel.

These contracts are not expected to have a significant impact on the group's net tangible assets and earnings per share for this year.