Singapore: Cosco Shipyard, part of Singapore-listed Cosco Corporation, has won new orders while another long running project has stalled. The group won orders worth around $300m to build a DP3 accommodation barge and seven bulk carriers. The bulkers are split between four owners and are a mix of 64,000 dwt and 82,000 dwt ships.
The good news was tempered by problems relating to an offshore contract for Octabuoy hull and a topside module ordered by the UKâ€™s ATP Oil & Gas some six years ago.
The British firm is currently in company voluntary agreement in the UK. Cosco Nantong, one of the groupâ€™s yards, has completed construction work of approximately 96% of the hull and approximately 47.96% of the topside module. No additional construction work has been carried out by Cosco Nantong during the CVA proceedings. To-date, ATP has made partial installment payments with some remaining unpaid. The yard is now likely to keep the installments and sell the hardware at a public or private sale, it said in a statement to the Singapore Exchange. Â [23/07/14]