Cosco wins $124 million ESV contract

Remedial Cyprus Ltd. has contracted Cosco Shipyard Group to build an elevating support vessel for $124 million. The jackup ESV will use the foundation of a Friede & Goldman Super M2 and will be designed for up to 99 m (325 ft) water depths. The vessel will have three thrusters and three heavy lift cranes. Delivery is scheduled for 3Q2008 from the Nantong shipyard.

Offshore staff

SINGAPORE --Remedial Cyprus Ltd. has contracted Cosco Shipyard Group to build an elevating support vessel for $124 million. The jackup ESV will use the foundation of a Friede & Goldman Super M2 and will be designed for up to 99 m (325 ft) water depths. The vessel will have three thrusters and three heavy lift cranes. Delivery is scheduled for 3Q2008 from the Nantong shipyard.

"We are delighted that Remedial has awarded the
contract to Cosco Shipyard. This is an important milestone for Cosco Shipyard Group
as this our first jack-up contract," says Ji Hai Sheng, vice chairman and president of the company and vice chairman of COSCO Shipyard Group. "We also note with satisfaction that discussion for a second jack-up unit has commenced with Remedial."

3/20/2007

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