China Shipyard Wins Offshore Accommodation Contracts

COSCO Corporation's Nantonng, China shipyard secures contracts for two accommodion units valued at over US$170-million each.

The contracts placed by an unspecified Singapore company are for  the conversion of two semi-completed hulls to high- end floating accommodation units ("FAUs") valued at over USD170 million each.

COSCO add that the contract for the first unit is effective. The units are scheduled for delivery 24 months after the contracts are declared effective and they will make an announcement when the contract for the second unit is rendered effective in six months’ time. The 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.