COSCO Corporation (Singapore) Limited, a leading ship repair & marine engineering and shipping group, announces that its 51%-owned subsidiary, COSCO Shipyard Group has secured a contract from Chinese- Polish Joint Stock Company (Chipolbrok) to build four 30,000dwt MPP heavy lift vessels (HLV) The contract is valued at US$185.2 million (approximately S$287 million).

Under the contract, Chipolbrok has secured the option for two additional heavy lift vessels. Chipolbrok must exercise the option on or before 31 March 2008.

The vessels will be built at the Group’s Dalian shipyard from mid 2007 onwards. The first four vessels will be delivered between March 2009 and April 2010.

Mr. Ji Hai Sheng, Vice Chairman and President of the Company and Vice Chairman of COSCO Shipyard Group said, “We are delighted that Chipolbrok has awarded the contract to Cosco Shipyard. This is a vote of confidence in our project management and execution capabilities. Going forward, Cosco Shipyard will continue to build new special purpose vessels, designed to meet the specific needs of our customers.”