Cosco Qidong Offshore News

The article was updated to include a statement by a Deme spokesperson who said that the Orion delivery would be delayed following the accident.Following last week's crane collapse on offshore installation vessel Orion at Liebherr's yard in Rostock in Germany, Liebherr has said that the preliminary findings showed that a broken crane hook was the reason behind the accident.As previously reported, the accident happened last Saturday during the overload test of Liebherr's offshore heavy lift crane HLC 295000 aboard Deme's recently delivered offshore wind turbine installation vessel. The crane collapsed and was severely damaged.In a statement on Tuesday…

A giant crane collapsed on Saturday on Deme Offshore's flagship offshore vessel Orion at Liebherr's yard in Rostock, Germany, during crane load tests.Deme said Saturday that "a few persons suffered minor injuries." Deme Offshore said: "A serious accident has occurred today on board of offshore installation vessel ‘Orion 1’ at the occasion of and during crane load tests. The vessel is under construction and owned by COSCO (QIDONG) OFFSHORE CO., LTD. The vessel is moored at the quayside at the Liebherr construction yard in Rostock…

Liebherr’s maritime manufacturing plant in Rostock has been awarded the contract to supply the heavy-lift crane for the Orion, a new wind farm installation and platform decommissioning vessel ordered by DEME from COSCO (QiDong) Offshore, a subsidiary of COSCO Shipping Heavy Industry. The crane is rated at 3,000 metric tons at more than 50 meters, with a lifting height in excess of 170 meters and a designation of HLC (Heavy-Lift Crane) 295000. Delivery will be spring 2019. Gordon Clark…

COSCO Corp (Singapore) will refund $26.3 million, or 5 percent of the contract price, plus associated interest to Sevan Drilling by December 1, 2015. Sevan Drilling and Cosco have agreed to exercise the first six-month option to extend the deferral agreement to April 15, 2016. The final delivery instalment has been amended to $447.1 million, representing 85 percent of the $526 million contract price and can be amended further upon the expiration of the option period. The company first announced winning of the contract back in May 2011. In between, the industry went into a down turn that is persisting until now. In October 2014, Sevan and Cosco reached an agreement to extend the delivery date for 12 months…

Two shipyards under Cosco Shipyard Group have pushed back the delivery dates for two converted high-end floating accommodation unit (FAU) at the customer’s request. Cosco (Nantong) Shipyard, a subsidiary of Cosco’s 51% owned subsidiary, Cosco Shipyard Group Co., said the delivery date of a FAU built at its yard will be extended for a period of not more than 12 months from its original delivery date of October 2015. The delayed FAU is the second of two units ordered by the shipowner for construction at Nantong facility, and the first unit has been delivered. The FAUs are converted from semi-completed hulls. In 2013, Cosco Nantong secured the contract to deliver the two FAUs, the first of which was delivered to the shipowner on February 2015.

1. COSCO (Qidong) Offshore Co., Ltd Contract from a Singapore entity to build one (1) Floating Accommodation Unit (FAU) scheduled for delivery in 1Q2017. The buyer has also secured options for five (5) additional FAUs. 2. COSCO (Dalian) Shipyard Co., Ltd The contract under the first option cited in the announcement dated 12 September 2013 to build one (1) 21,000DWT Module Carrier for a European company has been rendered effective. The vessel is scheduled for delivery in 2Q2016. Save for their respective shareholdings in the Company, none of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contracts.

Wärtsilä say they have signed a repeat integrated solution order with the COSCO (Qidong) Offshore Co.Ltd shipyard covering another DP3 Dynamically Positioned offshore accommodation rig being built for Singapore based Axis Offshore. The Wärtsilä solution includes the main power generation system, the propulsion system, the electric and automation system, and the automation safety system. The vessel, which is expected to enter service in January 2016, will be equipped with a DP3 dynamic positioning system and will be available for worldwide operations.

COSCO Corporation (Singapore) Limited announce that contracts each in excess of US$200-million for two advanced semi-submersible accommodation vessels to be constructed in China have been declared effective. The accommodation rigs are to be built by COSCO subsidiary COSCO (Qidong) Offshore who are responsible for the engineering, procurement and construction of the two semi-submersible vessels. They will be of Gusto MSC Ocean 500 design and will be equipped with 500 beds, DP3 station keeping systems, 10-point chain mooring and 300 ton cranes.

Prosafe has agreed a Letter of Intent (LoI) with COSCO (Qidong) Offshore Co. Ltd. for the Engineering, Procurement and Construction of two semi-submersible accommodation vessels, with options for four further units. The pair will be the most advanced and flexible units for worldwide operations excluding Norway, and will be ready for operations in 2016. They will be of Gusto MSC’s Ocean 500 design and will be equipped with 500 beds, DP3 station keeping systems, 10-point chain mooring and 300 tonne cranes. The LoI covers two potential contracts, each in excess of USD 200 million.

COSCO (Qidong) Offshore Co.,has delivered the third Sevan 650 Ultra-Deepwater Cylindrical Drilling Rig it has built for Sevan Drilling. The Sevan Louisiana, measuring 99 meters in LOA, 75 meters in breadth and 24.5 meters in depth, has a working depth of 3,800 meters and drilling depth of 12,000 meters. The deep water drilling rig and will start the transit to the US Gulf of Mexico, and is expected to commence operation for LLOG Bluewatert owards the end of Q1 2014, following completion of mobilization and certain additional equipment installations.

COSCO (Guangdong) Shipyard Co. Ltd. A Netherlands based company has placed orders to build two platform supply vessels (PSVs) scheduled for delivery in 3Q 2015. The buyer has also secured options for two additional PSVs. Contracts from a Singapore based company have also been pladed for construction of two PSVs scheduled for delivery in 1H 2015. The buyer has also secured options for six  additional PSVs. COSCO (Dalian) Shipyard Co. Has received contracts from a PRC based agency to build two salvage lifting vessels scheduled for delivery in 1H 2015. Additionally, a Europe based company has ordered two module carriers of 21,000dwt each scheduled for delivery in 1H 2015 and 2H 2015 respectively. The buyer has also secured options for two additional module carriers.

Wärtsilä to provide integrated power, propulsion and positioning system for DP3 offshore accommodation rig for Singapore's Axis Offshore. The contract with Cosco (Qidong) Offshore is for the vessel to be equipped with a DP3 dynamic positioning system, and will feature an integrated Wärtsilä solution that includes the main power generation system, the propulsion system, the electric and automation system and the automation safety system. Wärtsilä is responsible for engineering, delivery and commissioning of the integrated solution and will also support the yard on-site during the installation phase. The vessel is expected to enter into service in February 2015 for worldwide operations. Wärtsilä will begin deliveries of its equipment in May 2013.

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

COSCO Corp. (Singapore} subsidiary COSCO Qidong Offshore Co to build the accommodation rig for European joint venture company. The contract, valued at US$200-million.is for the construction of a harsh environment semi-submersible accommodation rig for Axis Offshore, a joint venture between Danish shipowner, J. Lauritzen and Norwegian private equity fund, HitecVision. Signatory of the contract was COSCO Qidong Offshore Co., Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd Delivery is scheduled for the first quarter of 2015.

COSCO Singapore Chinese subsidiary COSCO Qidong Offshore wins contract from Axis Offshore. The contract valued over US$200-million from Axis Offshore, a joint venture between Danish shipowner, J. Lauritzen and Norwegian private equity fund, HitecVision, is to build a harsh environment semi-submersible accommodation vessel. This rig will be built to Global Maritime’s design, GM500A and will provide accommodation for 500 persons. It will be equipped with a DP3 dynamic positioning system and is designed to operate in the harsh environment in the North Sea. The rig is scheduled for delivery in Q1 2015. The parties intend that the contract will be made effective within 3 months from the date of signing.

COSCO (Qidong) Offshore wins a US$ 20-million contract for a jack-up barge, & other COSCO subsidiaries deliver bulk carriers. This jack-up barge for Australian owners will be built to GustoMSC SEA-1250 design and have capacity of 300 tons deck crane and operation in water depth up to 30 meters. The vessel is scheduled for delivery in eleven months time. COSCO (Dalian) Shipyard Co., Ltd has delivered a bulk carrier of 92500 DWT, “SIBERIA EXPRESS”, measuring 229.165 meters in LOA, 38.01 meters in breadth and 20.7 meters in depth, to its European buyer. COSCO (Guangdong) Shipyard Co., Ltd has delivered one bulk carrier of 35000 DWT, “MARINE PRINCE”, measuring 179.99 meters in LOA, 30 meters in breadth and 14.7 meters in depth to its Asian buyer.

The Board of directors of COSCO Corporation (Singapore) Limited (the “Company”) refers to the articles which appeared in The Straits Times on 30 June 2012 entitled “Dark clouds over China shipbuilder Cosco Corp” and in Bloomberg on 27 June 2012 entitled “Cosco Singapore is Lowest-Rated Asia Stock on Rig Push”. The Straits Times article mentions that the Company faces possible customer defaults and order cancellations from Europe. The Company recognises that business conditions have remained difficult and this is reflected in the significant drop in the Baltic Dry Index, amongst other things. As such, the Company’s order book may be subjected to revision from the cancellation and rescheduling of orders.