COSCO delivers driller after extensive trial programme
By Mok Fei Fei, 938LIVE | Posted: 24 November 2009 1304 hrs

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SINGAPORE: Mainboard-listed shipping firm COSCO said on Tuesday that its subsidiary, COSCO Nantong Shipyard, has delivered a new driller on Monday.

COSCO said the driller – called Sevan Driller – has completed sea trials off the coast of China and has started its voyage to Brazil for commencement of a six-year contract with Petrobas.

The self-propelled rig has completed an extensive commissioning and sea trial programme, including speed trials confirming speeds above 9 knots.

The rig is capable of drilling wells up to 40,000 feet deep in water depths of 12,500 feet. It is also able to operate in temperatures below 20 degrees Centigrade.

Financial details were not made known by COSCO in the filing with the Singapore Exchange.

COSCO, which called for a trading halt on Tuesday pending the announcement, has resumed trade. The stock closed at S$1.13 on Monday.

COSCO Nantong is a subsidiary of the firm's 51 per cent owned subsidiary, COSCO Shipyard.


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