Cosco Bags Self-Elevating Workover Unit Contract

Maritime Activity Reports, Inc.

March 17, 2016

Image: Cosco (Nantong) Shipyard

Image: Cosco (Nantong) Shipyard

 Cosco (Nantong) Shipyard, a subsidiary Cosco Shipyard Group Co, has won an order to build one self-elevating workover unit for an Asian shipowner, with an option for one more similar unit.

Cosco Nantong and the ship owner have agreed to keep the contract price confidential. 
According to Cosco’s news release, the unit is scheduled for delivery in the third quarter of 2017.  
The option may be rendered effective by the ship owner at any time 4 months after but not later than 6 months of the construction contract. 
Barring unforeseen circumstances, Cosco does not expect the contract to materially impact the company’s net tangible assets and earnings per share for the year ending 31 December 2016. 
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