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Cosco clinches three contracts worth S$123m

Mainboard-listed shipping and offshore marine firm Cosco Corp has secured three new contracts worth nearly US$75 million US dollars, or about S$123 million.

One contract is to build a floating storage and offloading unit, which marks Cosco's entry into the lucrative offshore engineering market.

The 52,000 dead weight tonne (dwt) floating and offloading unit, a supporting storage facility of an oil rig, will be built at Cosco Zhoushan Shipyard in January next year.

The other two contracts are to convert six single-hull vessels and two heavy lift vessels.

Cosco says some of the contracts are expected to have a positive impact on the net tangible assets and earnings per share of the company for the year ending 31 December 2006.

Ji Hai Sheng, vice chairman and president of Cosco Corp, said, "The FSO contract is a vote of confidence for the Cosco Shipyard Group. We won the job against very competent and experienced ship builders in collaboration with our Singapore partner SembCorp Marine."

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