Offshore Accommodation Rig Order for COSCO

COSCO Corp. (Singapore} subsidiary COSCO Qidong Offshore Co to build the accommodation rig for European joint venture company.

The contract, valued at US$200-million.is for the construction of a harsh environment semi-submersible accommodation rig for Axis Offshore, a joint venture between Danish shipowner, J. Lauritzen and Norwegian private equity fund, HitecVision.

Signatory of the contract was COSCO Qidong Offshore Co., Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd

Delivery is scheduled for the first quarter of 2015.