Cosco bags contracts for two PSVs and four ERRVs

4/22/2014

Cosco bags contracts for two PSVs and four ERRVs

SINGAPORE -- Cosco (Singapore) has won contracts worth $100 mn to build four emergency response/rescue/field support vessels (ERRVs) and two platform supply vessels (PSVs) of the PX121 design.

Cosco (Dalian) Shipyard Co., a subsidiary of the company’s 51%-owned subsidiary, Cosco Shipyard Group Co., has secured a contract from an Asian company to build four ERRVs. The four vessels are scheduled for delivery in the first half of 2016.

Two shipbuilding contracts signed by Cosco (Guangdong) Shipyard Co., a subsidiary of the company’s 51%-owned subsidiary, Cosco Shipyard Group Co., with a European ship owner for the construction of two PX121 platform supply vessels (PSVs) have been declared effective. The two vessels are expected to be delivered in the first and second quarters of 2016 respectively.

Additionally, the ship owner has an option to render effective, within six months, two contracts for the construction of similar PX121 PSVs. The company will report when the shipbuilding contracts under the option are declared effective.

The above mentioned effective contracts for four emergency response/rescue/field support vessels and two PX121 platform supply vessels have a value of approximately $100 mn in total, excluding owner-furnished equipment.

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