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COSCO discontinues Octabuoy project

A decision has been made by the management of COSCO Nantong to discontinue the vessel building contract for Octabuoy hull and the topside module (the “Octabuoy”) secured by the Company’s subsidiary, COSCO Shipyard Co., Ltd. (being a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd) with ATP Oil & Gas (UK) Limited (“ATP UK”). This is expected to result in a one-off charge of approximately S$90 million for the Company for the financial year ended 31 December 2014. The Board of Directors (the “Board”) of COSCO Corporation (Singapore) Limited (the “Company”) refers to its announcements on 9 April 2008, 2 October 2009, 30 May 2011 and 22 July 2014 in relation to  As announced by the Company on 22 July 2014, ATP UK is in company voluntary arrangement (“CVA”) in the United Kingdom. The Board wishes to provide an update of the matter. COSCO Nantong has informed the Company that on 9 December 2014, it has received a notice from the CVA managers of ATP UK acknowledging COSCO Nantong’s total debt claim and on 11 December 2014, COSCO Nantong has received an initial part payment of approximately US$5 million. While COSCO Nantong has been making efforts to find ...

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COSCO wins contracts for seven bulk carriers

The Board of Directors of COSCO Corporation (Singapore) Limited announced that shipyards have secured contracts valued at approximately USD300 million to build one accommodation barge and seven bulk carriers. Contracts from a European company to build one DP3 accommodation barge scheduled for delivery in 3Q2016 and an Asian company for two (2) 64,000DWT bulk carriers scheduled for delivery in 1H2016. Additionally, the contract under the second option cited in the announcement dated 12 September 2013 to build one 64,000DWT dry bulk carrier for a European company has been rendered effective. The bulk carrier is scheduled for delivery in 2Q2017. Contracts from an Asian company to build two 82,000DWT bulk carriers scheduled for delivery in 4Q2015 and 1Q2016 respectively; and a European company to build two 82,000DWT bulk carriers scheduled for delivery in 2Q2016 and 3Q2016 respectively. Save for their respective shareholdings in the Company, none of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contracts. Barring any unforeseen circumstances, the above 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 2014. Source: COSCO Corporation  In ...

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Cosco awards Rolls-Royce to design four PSVs

COSCO Shipyard Group has announced that it has been awarded options by the Singapore-based Chellsea Group for the construction of four platform supply vessels designed by Rolls-Royce. With this contract, COSCO has ordered integrated design and equipment packages for a total of eight Rolls-Royce UT 771 WP platform supply vessels, with an option for further two. The first four are currently under construction, while the subsequent four are scheduled for delivery between the second quarter of 2016 and the first quarter of 2017. All eight vessels will be added to the fleet of two UT 755 LN vessels that are already in operation with Chellsea. Ronny Pål Kvalsvik, Rolls-Royce, Vice President Sales and Contract - Offshore, said: "We have developed a very good relationship with COSCO and Chellsea, and are of course extremely pleased that they have reaffirmed their confidence in both us and the UT-design with this latest contract." The delivery from Rolls-Royce will comprise ship design and an extensive integrated systems package including MTU-engines, propulsion systems, power electrical systems, bulk handling systems, deck machinery, automation and control system and a dynamic positioning system that uses satellite technology to automatically maintain a vessels position without anchoring. Source: Rolls-Royce  In ...

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