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Cosco bags deals of over US$400m

Group will build 2 semi-submersible accommodation vessels for new customer Prosafe

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While the company declined to comment on the actual amount of downpayment, a Cosco Corp spokesman said it was better than the current industry average of 5 to 10 per cent - PHOTO: BLOOMBERG

SINGAPORE-LISTED, China-based shipbuilder Cosco Corporation has secured more than US$400 million in contracts to build two semi-submersible accommodation vessels for a new customer, the Oslo-listed Prosafe SE. Market reaction to the news was, however, muted; the stock closed at 72 cents, up 0.7