COSCO updates newbuild activity

COSCO Corp. Ltd. has been active completing vessels and signing new construction contracts. The company announced that COSCO (Qidong) Shipyard Co., Ltd has delivered the jackup barge, IB914, and the transportation barge, IB924, to an Australian company. The delivery documents were signed between COSCO Qidong and the customer in July.

New construction contracts signed are for both vessels and a drilling rig. COSCO (Dalian) Shipyard Co. Ltd. has signed a contract from a European company to build one jackup. The contract is valued at over US$170 million and the rig is scheduled for delivery in 3Q 2015. That shipyard also secured a contract from a Chinese company to build two deepwater platform supply vessels (PSV).

In a separate transaction, COSCO (Guangdong) Shipyard Co., Ltd has signed a contract from the same Chinese company to build two anchor handling tug supply (AHTS) vessels.

Total value for the PSV and AHTS contracts is over RMB 590 million (US$96.25 million). The PSVs and AHTSs are scheduled for delivery in 2Q 2015.

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