Cosco Corp unit inks deal worth over $253 million to build semi-submersible vessel

A unit of shipping firm Cosco Corporation has secured a contract worth over US$200 million (S$253 million) from a Mexican energy company, the mainboard-listed company said on Wednesday.

Cosco (Nantong) Shipyard, a subsidiary of Cosco Shipyard Group, will build something known as a "harsh environment semi-submersible accommodation vessel" for Cotemar SA.

The vessel will be designed to operate in the Santos Basin, Gulf of Mexico and in the North Sea. It is scheduled to be delivered in 24 months.

Cosco Corp owns 51 per cent of Cosco Shipyard Group.

Cosco Corp share price lost half a cent to close at 72.5 cents on Wednesday.