Orders pour in for Cosco Shipyard

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 UK’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 group’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.  [23/07/14]

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