Cosco bags deals of over US$400m

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 per cent on 1.2 million shares traded.

The Chinese shipbuilder signed a letter of intent to build the floating hotel-like vessels with Prosafe SE more than two weeks ago.

Yesterday's confirmation was a likely indication that Prosafe SE had paid the initial deposit needed to confirm the contract with…