COSCO: 4 shipbuilding contracts signed by COSCO (Guangdong) (a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group) with an American ship owner for the construction of PSVs have been made effective on 15 Mar 2012 at value over US$105m in total.
Delivery of the above 4 vessels is expected to commence in early 2014.The ship owner has options to declare up to another 6 contracts for the construction of the same PSVs, which have a value of over US$160m in total.
As of Dec 2011, co’s orderbook was approx US$6.1b with FY11 rev of $4.2b which does not include orders for 7 bulk carriers and 2 offshore construction vessels secured during this quarter
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