Cosco doubles down on Qidong yard

Singapore-listed Cosco Corporation has announced its 51%-owned subsidiary Cosco Shipyard Group has increased its investment in the registered capital of 60%-owned Cosco Qidong Offshore by RMB300m to RMB600m. The other investors in the yard have also doubled their investment at the fast growing offshore complex so the shareholding structure remains the same, SinoShipNews reports.
Eight days ago Cosco Qidong announced it had won a contract for a harsh environment semi-sub rig. Axis Offshore, a joint venture between Danish shipowner, J. Lauritzen and Norwegian private equity fund, HitecVision, is paying $200m for the rig for delivery in Q1 of 2015.