FPSO Contract for COSCO

COSCO Corp. (Singapore) secures contract to construct a Floating Production Storage Offloading (FPSO) vessel in China.

COSCO Nantong Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured a contract valued over US$ 370-million from a European company to build a FPSO.

The FPSO will measure 78 meters in diameter, 32 meters high and will have a storage capacity of up to 400,000 barrels of oil.

The vessel is scheduled for delivery in June 2015.