Cosco (Qidong) Offshore secures vessel contract with European buyer

COSCO Corporation (Singapore) on Wednesday said Cosco (Qidong) Offshore has secured a contract from a European buyer to build an offshore heavy lift vessel with crane capacity of 3,000 tonnes at more than 50 metres, for an undisclosed sum.

The two parties had agreed to keep the contract value confidential.

Cosco (Qidong) Offshore is a subsidiary of the company's 51 per cent-owned Cosco Shipyard Group.

The vessel is scheduled for delivery in the fourth quarter of 2019, the group said in a filing to the bourse operator.

"Barring any unforeseen circumstances, the contract is not expected to have a material impact on the net tangible assets and earnings per share of the company for the year ending Dec 31, 2017," it added.