COSCO Singapore Doubles Chinese Yard Investment

Singapore-listed Cosco Corporation subsidiary Cosco Shipyard Group increases its investment in the registered capital of 60%-owned Cosco Qidong Offshore, China.

Cosco has increased its investment by RMB300-million to RMB600-million.  The other investors in the yard have also doubled their investment at the fast growing offshore complex so the shareholding structure remains the same, reports SinoShip News.

Eight days ago Cosco Qidong announced it had won a contract for a harsh environment semi-sub rig from Axis Offshore, a joint venture between Danish shipowner, J. Lauritzen and Norwegian private equity fund, HitecVision, is paying $200m for the rig for delivery in Q1 of 2015.

Source: SinoShip News