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Marine Log

January 16, 2008

COSCO announces new rig building yard

China's COSCO Shipyard Group has signed an investment agreement with Jiangsu Qidong Municipal Government (Nantong, Jiangsu Province) for the expansion of the offshore construction base of COSCO (Nantong) Shipyard Co. Ltd.

The new yard is located at the entrance of Yangtze River and covers an area of 2 million square meters along 2 km of coastline.

It will focus on offshore projects including the construction of oil and gas related equipments such as semi-submersible rigs, jack-up rigs and other floaters.

Development work on the yard will be carried out in four phases.

Work on Phase 1 expansion will begin immediately and will be completed in about one year.

On completion of the entire construction, the new yard is expected to have one 120m x 120m offshore drydock, two skidways and eight berths.

It will be capable of handling up to about six different kinds of rigs annually.

Mr. Ji Hai Sheng, Vice Chairman COSCO Shipyard Group said, "Our Group's shipyards are currently operating at almost full capacities thanks to the burgeoning order book we have managed to build up. With insatiable world thirst for oil and oil prices at explosive levels, we expect to see continuing strong demand for oil and gas related equipment. This current capacity expansion is just one of the many steps our Group is taking to capitalize on the boom."

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