Cosco

Cosco: 51% owned subsi, COSCO Shipyard Group, has secured a contract valued over US$200m from a Mexican co, COTEMAR S.A. De C.V. to build a harsh environment accommodation Semi-sub. This vessel will be built to GustoMSC Ocean500 design and have capacity of 750 people with DP3 Dynamic Positioning system and is designed to operate in the Santos Basin, Gulf of Mexico and in the North Sea. The vessel is scheduled for delivery in 30 months time. SembMarine also won a contract to provide a similar accommodation rig for 450 people at US$350m in Dec 2011 for Prosafe which makes Cosco’s contract relatively cheaper in comparison.