Two PSV Contracts for COSCO China Yard

COSCO Singapore subsidiary COSCO Guandong to construct two Platform Supply Vessels (PSV's).

The contract is with a European ship owner for the construction of two PX121 PSV's at a value of approximately US$54-million in total.

Delivery of the two vessels is expected in the first quarter of 2015. Additionally, the ship owner has an option, to be exercised within six months, for construction of two more of the same type of PSV.

COSCO say that these two contracts are not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending 31 December 2013.