Cosco to build four PSVs and a jack up vessel

25 March 2012 (Last Updated March 25th, 2012 18:30)

Singapore's Cosco has won a $105m contract from an undisclosed American ship owner to build four new platform supply vessels (PSVs) and a $150m contract with a European ship owner to build offshore wind turbine installation vessel.

Singapore’s Cosco has won a $105m contract from an undisclosed American ship owner to build four new platform supply vessels (PSVs) and a $150m contract with a European ship owner to build offshore wind turbine installation vessel.

Cosco subsidiary Cosco Guangdong Shipyard will build the UT 771 CDL PSVs, which is scheduled to be delivered in early 2014.

Additionally, starting 15 March 2013, the unnamed shipowner has options for six more identical UT 771 CDL PSVs for $160m.

A company subsidiary, Cosco Shipyard Group has also signed a $150m contract with an unnamed European shipowner to build a specially designed vessel for installation of offshore wind turbines.

Designed to carry 8 to 10 wind turbines at a time, the vessel will be able to operate at water depths of up to 45m with a crane capacity of up to 900t.

Cosco Shipyard is expected to deliver the vessel in 2014, but the delivery is not expected to have a material impact on its the net tangible assets and earnings for the year ending 31 December 2012.

In February this year, the company had won an order to build seven bulker vessels worth over $190m from two unnamed European firms.