China Shipyards Secure US$380-Million Contracts for COSCO

Chinese shipyards, which are subsidiaries of the Company’s 51% owned subsidiary COSCO (Singapore) Shipyard Group Ltd, have secured contracts to build two jackup drilling rigs and a bulk carrier as follows:

1. COSCO (Dalian) Shipyard Co. Ltd has secured contracts from a Bermuda company for two LeTourneau Super 116E jackup drilling rigs, scheduled for delivery in 1H2016 and 2H2016 respectively. The same buyer has also secured options for two additional jackup drilling rigs.

2. COSCO (Zhoushan) Shipyard Co. Ltd has been contracted to build a dry bulk carrier of 64,000dwt for a European buyer, with delivery scheduled in the second half of 2014.

The COSCO Group adds that barring  any unforeseen circumstances, the above contracts are 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.