The board of Cosco Corporation (Singapore) said that Cosco (Qidong) Offshore Co, a subsidiary of the company's 51 per cent owned subsidiary, Cosco Shipyard Group Co, has secured a letter of intent from a subsidiary of Prosafe SE, a company listed on the Oslo Stock Exchange, for two semi-submersible accommodation vessels.

The buyer is also granted an option for four more units.

The letter of intent covers two potential contracts, each in excess of US$200 million (S$250million).

The vessels will be of Gusto MSC Ocean 500 design and will be equipped with 500 beds and 300 ton cranes.

The vessels are scheduled for delivery in 2016.