COSCO secures contract for one research vessel

COSCO (Guangdong) Shipyard Co., Ltd,  a subsidiary of the Company’s 51% owned subsidiary,  COSCO Shipyard Group Co., Ltd,  has entered into a contract valued over RMB129 million from an Asian buyer to build one research vessel. The contract will become effective upon the receipt of Letter of  Guarantee from the bank of the shipyard.  The vessel is expected to be delivered in the fourth quarter of 2017.  Barring any unforeseen circumstances, the contract  is not expected to have a material  impact on the net tangible assets and earnings per  share of the Company for the year ending  31 December 2015.