Cosco Bags Research Ship Order
By Aiswarya Lakshmi
Tuesday, June 16, 2015
Cosco (Guangdong) Shipyard secured a contract worth over 129 million yuan ($20.8m) to build one research vessel, to be delivered in the fourth quarter of 2017.
The contract will become effective upon the receipt of letter of guarantee from the shipyard's bank.
Cosco (Guangdong) Shipyard is a subsidiary of Cosco Corporation (Singapore) Ltd's 51 per cent-owned subsidiary, Cosco Shipyard Group.
The contract is not expected to have a material impact on the net tangible assets and earnings per share of Cosco Corporation (Singapore) for the year ending Dec 31, 2015.
Cosco Guangdong Shipyard received its first ever research vessel conversion contract from Guangzhou Geological Survey at the end of May.