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8125 September 2012

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Mission stateMent To be a world leader in ship repair, conversion, new building and oshore marine engineering, we maintain trusting relationships with our

customers, employers, and partners, yielding best returns or shareholders, society and environment. Depending on our talented engineers working alongside

with an efcient project management team and a highly skilled workorce, we could guarantee to deliver the projects we undertake timely and proessionally.

CoSCo Sipard deivered deepwaer

semi-submersibe driig pafrm

CoSCo Sipard paricipaes i 2012 Cia Ieraia Pae & Prducs Fair

On September 26, 2012, the sixth-

generation semi-submersible drilling

platform ISLAND INNOVATOR was

successfully delivered by COSCO Shipyard

Group. Built for Norwegian shipowners,

the multifunctional platform, detailed

design, production design, procurement

of equipment, system installation and

commissioning of which are completed by

COSCO Shipyard, represents the highest

level of technology among products of

the same type in the world.

ISLAND INNOVATOR is another

major breakthrough for COSCO Shipyard

following the delivery of the world's

first ultra-deep water cylinder drilling

and storage platform. As the first

platform in China to realize the one-

stop solution (design, construction,

commissioning and completion) in the

eld of ultra-deepwater semi-submersible

drilling platforms, ISLAND INNOVATOR

contributes significantly to the marine

equipment manufacturing industry in

China.

Designed and constructed in strict

accordance with the relevant regulations

of the North Sea Area in Norway,

ISLAND INNOVATOR meets the relevant

standards of Norsok, DNV, NMA, IMO,

PSA, DSB, NCS and UKCS (N-Notation)

as well as the NIPH standards regarding

drinking water.

ISLAND INNOVATOR has a total

length of 104.5 meters, a molded width

of 65 meters and a molded depth of

36.86 meters. The total height of the

platform reaches 103.8 meters. The

design draft of the platform is 9.5 - 17.75

meters with a maximum displacement of

up to 38,000 tons, a maximum operating

water depth of 1500 meters, a maximum

vertical drilling depth of 8000 meters

and a maximum variable deck load of

4500 tons. The self-propelled speed

is 10 knots. Equipped with advanced

DP3 dynamic positioning and mooring

positioning systems, with unmanned

cabin design and centralized control of

the operating room, the platform can

hold 120 living units and is capable of

working under adverse sea conditions (at

a maximum wave height of 17.3 meters

and a maximum wind speed of 51.5m/s).

COSCO Shipyard has always been

committed to the marine engineering

equipment industry. By now it has already

designed, built and delivered a number

of high-end marine products, including

the world's most advanced cylindrical

ultra-deepwater drilling and storage

platform "Hope" series, the world's first

self-propelled multifunctional offshore

jack-up platform "SUPER M2", the world's

second-generation offshore wind power

installation vessel "Adventure" series,

the world's most advanced 105000DWT

and 59000DWT shuttle tanker series with

independent intellectual property rights.

Moreover, the design and construction of

the world's first conceptional octagonal

drilling platform, the world's third-

generation offshore wind installation

vessel and jack-up drilling platform, the

world's most advanced semi-submersible

offshore service platform and offshore

platform auxiliary vessels and other

marine products are now in progress.

COSCO Shipyard Group appears to be

the marine engineering enterprise with

the widest range of products in China.

From September 15 to 17, the

2012 China International Patent &

Products Fair was held successfully

at the Dalian World Expo Center.

COSCO Shipyard Group participated

in the Fair as a key enterprise in the

eld of ship and marine engineering.

At th e ex hi bi ti on , CO SC O

Shipyard demonstrated typical

products, scientic and technological

innovation projects and 114 patent-

protected research findings from

recent years. During the exhibition,

State Intellectual Property Office

(SIPO) Commissioner Tian Lipu,

vice governor of Liaoning Province,

Teng Weiping, and local authorities

of the province of Dalian visited

the COSCO Shipyard booth and

received a report on the status of

development in the eld of ship and

marine engineering, scientific and

technological innovations and patent

declaration. Mr. Tian Lipu spoke

highly of the rapid development of

COSCO Shipyards achievements in

marine engineering, scientific and

technological innovations and patent

declaration and wished COSCO

Shipyard further success in obtaining

more scientific and technological

innovations and patents in the

future.

The exhibition, jointly hosted by

the State Intellectual Property Ofce

(SIPO), the China Trade Promotion

Committee and the Government

of Liaoning Province, aims at

furthering the implementation

of intellectual property strategy,

promoting the commercialization

and industrialization of patented

t echno l og y and suppo r t i n g

the development of high-tech

products with intellectual property

r ights, which can accelerate

the transformation of economic

development and ultimately realize

the goal of building an innovative

country.

World's most advanced semi-submersible accommodation andservice platform steeling cutting

On September 6,

the construction of the

worlds most advanced

s e m i - s u b m e r s i b l e

accommodat ion and

service platform N511,

d es i g ned and bu i l t

by COSCO (Nantong)

Shipyard for COTEMAR,

s t a r t e d i n C O S C O

Nantong Shipyard.

N511 adopts the

OCEAN 500 mode l

provided by GUSTO MSC.

The detailed design,

p roduc t i on d es i g n ,

equipment procurement,

construction, installation

and commissioning of

the p latform wi l l be

completed by COSCO

Shipyard. The platform

is 95 metres in length

and 67 metres in width.

The total height of the

platform approaches 60

metres.. The platform

has a design draft of

8.6 to 20 metres with a

maximum displacement

of up to 33,300 tonnes.

The platform is equipped

with the world's most

advanced DP3 dynamic

positioning system and

8-point anchor mooring

positioning system.

T h e p l a t f o r m

can accommodate a

maximum of 990 people;

the dining hall can hold

up to 300 people and

can also be used as

an emergency shelter.

On the platform there

are a total of 230 living

spaces with windows.

The platform meets the

relevant standards and

requirements of IMO,

Resolution A468 (XII),

DNV, ILO and UKCS

as we l l as ABS and

the U.S. Coast Guard

requirements.

At the steel cutting

ceremony, the senior

leadership of COTEMAR

and the general manager

o f COSCO Nan tong

Shipyard Mr. Ni Tao jointly

launched the project. The

steel cutting ceremony

saw the presence of

representatives from

COTEMAR, DNV, the

Commercial Headquarters

of COSCO Shipyard Group

and the construction

team.

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Newbuilding2

On September 14, COSCO Zhoushan Shipyard held a delivery signing ceremony for N202, the

57,000DWT bulk carriers being built for the Far Eastern Group following the delivery of N196, built

for Greece company Leros on Sep. 10, and N195 on Sep. 11. Thus the yard realized delivery of 3

ships within 5 days.

57,000DWTBULK CARRIER

Three days ve ships deliveryOn August 30, the 57,000DWT bulk carriers being built for ER Company at

COSCO Guangdong Shipyard successfully nished four-day sea trails and returned

to the yard.

Zhongxing Sea-Land Engineering receives NDT certifcationfor marine engineering (DNV)

Recently, Zhongxing Sea-Lands

testing department in Nantong

received DNV certification for non-

dest ruc t i ve test ing (NDT) fo r

marine engineering, which became

another major enhancement in its

qualification following the National

Laboratory Accreditation Certificate

received earlier this year.

Ai mi ng at cr ea ti ng a wo rl d-

class detection brand and seizing

t h e h i g h - e n d m a r i n e n o n -

destructive testing market, relying

on the rapidly developing marine

equipment manufacturing business

of COSCO Shipyard, in recent years

Zhongxing Sea-Land is vigorously

strengthening its construction of

marine non-destructive testing

personnel and actively seeking third-

party certification. Today Zhongxing

Sea-Land has already become a

specialized testing organization

with the largest number of NDT

personnel in China, lead ing in

technology, services and professional

qualications.

DNV i s a wo r l d - r enowned

Classication Society and certication

body. The achievement of DNV

approval implies that Zhongxing Sea-

Land is capable of participation in

international competition.

CoSCo (hK) Idusr & tradehdigs G.M. visis CoSCoSipard Grup

On September 18, the

general manager of COSCO(HK) I ndu s t r y & T rade

Holdings Limited, Leng Ping,

accompanied by the general

manager of COSCO Network

(Beijing), Yu Chunlai, deputy

general manager of COSCO

Network (Beijing), Qian Wei,

and four other staff members,

paid a visit to COSCO Shipyard

Group. The Party Secretary of

COSCO Shipyard Group, Ma

Zhihong, warmly received Mr.

Leng Ping and his party.

At the meeti ng, Mr. Ma

Zhihong gave a detailed

introduction to Mr. Leng Pingregarding COSCO Shipyards

d eve l opmen t i n r e cen t

years: the Group insists on

scientic development, keeps

deepening the transition of

products and has gradually

f o r m e d a d i v e r s i f i e d

industrial pattern consisting

of ship repair, ship building

and marine engineering.

Representatives from COSCO

Shipyard Groups Planning

Department and Information

Cent re emphas i zed theoptimistic development trend

of marine engineering and

the application of information

technology in the Group.

Mr. Leng Ping said that the

diversied industrial structural

deve lopment o f COSCO

Shipyard can be witnessed

by all. Especially in recent

years, the construction and

delivery of a series of high-

end marine engineering

p roduc t s r e f l e c t ed t h e

advanced technology and

R&D capabilities of COSCO

Shipyard and have greatlyenhanced the worldwide

brand awareness of the

Group. Additionally, both

sides also discussed how

to make good use of their

market resources to seek

further bilateral cooperation in

ship repair, ship new building,

information technology and

other aspects, hoping to

maximize mutual support and

development.

Recently, COSCO Guangdong

Shipyard repaired a ship named JIAHE,

owned by Ta-Ho Maritime Corporation.

This is the first time that Ta-HoMaritime Corporation and COSCO

shipyard Corporation have co-operated

on a project.

At the time the repai r work on

JI AHE was com ple ted, and the

owners representative, Mr. Ma

JianXun, was interviewed.

Mr. Ma was deeply impressed

by the security and management of

the yard as well as the responsibility

and professionalism of the yards

management team.

He sa i d , The 20 d ay s o f working here, your shipyards living

arrangements are very careful,

especially on transport. He thought

highly of our business service, and

summed his impressions up in one

phrase; Take good care of .

When talking about any advice

he could give on our shipyards

management, Mr. Ma honestly said,

COSCO Guangdong Shipyard pay

close attention to security and

management, various aspects were

done very well.

At the end of the interview, Mr.

Ma emphasized his wish for further

cooperation with the yard.

ER Cmpa n341 Sea rias

Matson executives visit COSCO NantongOn September 12, the Chairman of

the Board of Directors of U.S. company

Matson, Mr. Walter Dods, presidentand CEO of said company, Mr. Matt

Cox, accompanied by the deputy

general manager of the Commercial

Headquarters of COSCO Shipyard

Group, Xing Chendong, paid a visit to

COSCO Nantong Shipyard.

Matsons vessel Mahimahi is

currently under repair in COSCO

Nantong Shipyard. It is the fifth timethe vessel has visited COSCO (Nantong)

Shipyard for repair and maintenance.

Mahimahi is also the 30th ship Matson

has repaired or converted in COSCO

Shipyard Group. At the welcoming

ceremony, the general manager of

COSCO (Nantong) Shipyard, Ni Tao,

expressed his sincere thanks to Matson

for providing many opportunities forcooperation in the past 11 years. Mr.

Matt Cox also expressed his gratitude

and appreciation for the high-quality

repair and conversion services provided

by COSCO (Nantong) Shipyard over the

years.

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Offshore 3

CoSCo Daia Sipard esabises anew model of FPSO design modications

In the process of converting

the 6th FPSO for MODEC,

COSCO (Dalian) Shipyard, also

building upon its experience,

has taken a bo ld s tep to

integrate advanced concepts

of shipbuilding design into its

conversion service model, thus

forming a new model for FPSO

conversion services. The new

model utilizes three-dimensionalmodeling and unitization design

at its core to further enhance the

technical strength of the yards

FPSO conversion abili ty.

The Technology Centre of

COSCO (Dalian) Shipyard is

now able to apply 3D modeling

software to its marine conversion

projects. The modeling of the

modified structure of the hull

was realized with the help of

the software which serves as

an integrated design platform

to promote inter-professional

communication, interference

checking and optimizing the

integration of block fabrication.The full application of the

software significantly improves

des ign qua l i t y and order

accuracy, while also making

piping and accessories margins

much more controllable.

CoSCo Sipard esabises offsre Divisi

On September 3, 2012, the

Offshore Division of COSCO

Shipyard Group was officially

established after extensive

and in-depth research and

preparation.

At the foundin g meet ing ,

the party secretary of COSCO

Shipyard Group, Ma Zhihong,

announced the establishment

of the Offshore Division and

appointed the leadership team.

General Manager of COSCO

Shipyard Group Wang Yuhang

made an important speech,

further clarifying the main

funct ions o f the Of fshore

Division: a) the planning and

developing of the offshore

business; b) technolog ical

innovation associated with

offshore construction; c) the

development and promotion

o f o f f sho re managemen t

systems; d) the introduction and

cultivation of offshore technology

professionals. Mr. Wang Yuhang

pointed out that, as the nancial

crisis deepens its impact on the

world economy, the ship repair

& building market continues to

slump; whether COSCO Shipyard

Group can survive the severe

situation and prosper is likely to

be prominently determined by

the development of the Offshore

Division. The establishment of the

Offshore Division is a milestone

for the company and is entrusted

with the important mission of

making COSCO Shipyard Group

one of the key enterprises in the

eld of offshore manufacturing in

China by 2015.

On September 7, COSCO (Qidong) Marine and

the East China Sea Rescue Bureau signed a strategic

cooperation memorandum for maritime emergency

support services in Shanghai. The president of COSCO

Shipyard Group, Wang Yuhang, and the commissioner

of the East China Sea Rescue Bureau of the Ministry

of Transportation and Communications, Lu Dingliang,

attended the signing ceremony.

In recent years, a number of large-scale marine

projects constructed by COSCO Qidong Marine, such

as Hope-1, Hope-2 and GM4000, have seen strong

support from the East China Sea Rescue Bureau of

the Ministry of Transportation and Communications

during the sea trials. The two sides have established

a good cooperative relationship. Based on the signed

Memorandum, the two sides will carry out moreextensive cooperation in ensuring safety in the process

of towing and sea trials of marine equipment, as well

as in other related research areas.

At the signing ceremony, the president of COSCO

Shipyard Group, Wang Yuhang, expressed sincere

gratitude for the East China Sea Rescue Bureaus

strong support in the development of COSCO

Shipyards offshore business. He pointed out that

the East China Sea Rescue Bureau is not only awitness and participant in the development of COSCO

Shipyards offshore business, but also a supporter. Mr.

Wang Yuhang hoped that the two sides further expand

their field of cooperation, enhance the depth and

breadth of cooperation and succeed in making great

contribution to mutual development.

COSCO Guangdong First Tender Barge steel cut

COSCO Qidong Marine and the East China SeaRescue Bureau signing ceremony

On September 20, a steel cutting ceremony was

held for the rst drilling tender ship Edrill-1(N490), to

be built by COSCO Guangdong Shipyard for Energy

Drilling.

For this project, the first tender barge built for

Energy Drilling, COSCO Guangdong is responsible fordetail design, production design and all the equipment

procurement as well as equipment system installation

and commission. The ship is 100M in length, 30M

in width, has accommodation for 170 staff and

can operate at a depth of 20-200M . The project is

required to meet the IMO Noise Levels on Board Ships

and MODU Codes, as well as ABS class requirements.

A total of 200 people , includ ing representati ves

from Energy Drilling and ABS, leaders from COSCO

Shipyard Commercial Headquarters and members of

the construction team, co-witnessed the moment.

Aer marie prjec icuded i e 2012 naia Ke new Prduc Pa

On August 17, the ultra-large

offshore wind turbine installationplatform project, developed by

COSCO (Nantong) Shipyard, was

included in the 2012 National Key

New Project Plan. This is the second

COSCO Shipyard project to enter

the National Key New Project Plan

following the D-P3 deepwater drillship

with dynamic positioning system,Initiated by the Ministry of Science

and Technology of China, the National

Key New Product Plan is designed to

encourage independent innovation,

promote the development of new

products and the transformation

and industrialization of technological

achievements through policy guidanceand nancial support. The ultra-large

offshore wind turbine installation

platform is a synthesis of ship and

offshore platform, carrying out

multiple functions such as offshore

wind turbine transport, heavy lifting

and dynamic positioning.

Today COSCO (Nantong)Shipyard has acquired the capability

to undertake the engineering,

procurement and construction (EPC)

of such specialized marine vessels

and has already entered into the

implementation phase. The previous

2 second-generation ultra-large

offshore wind turbine installationvessels, designed, built and delivered

by COSCO (Nantong) Shipyard, have

achieved the full satisfaction of their

owners, while two others are under

construction and will be delivered

soon.

n418 & n419mves sm

On September 1, the offshore

p latform N418 successfu l ly

undocked at the COSCO Qidong

Base after completion of the EL

0-24.5M main hull. Following

that, the EL 24.5-36.5M large

block erection will be carried out

as planned.

On Sep t ember 3 , N419

successfully completed erection,

towing and docking as planned.

This towing and docking made a

new launching record by semi-

submersible barge as its weight

reached more than 12000 tonnes.

Aft er docking, EL 13.4-24. 5M

main hull and 6 main block lifting

will be the next step.

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Ship Repair & Conversion4

Bus frsafe rusig cmpei

overcme bad weaer esure dck perid scedues

our parer as is ur frieds

Saisfacr repairs GEnMAR DEFIAnCE i CoSCo Zusa

On Sep .2nd 2012, M/T

GENMAR DEFIANCE left the pier

slowly. Its departure marked thesuccessful completion of repairs

to the subject vessel as well as

the third vessel delivered to the

owner successfully earlier this

year.

GENMAR DEFIANCE belongs

to General Maritime Management

(Portugal) Ltd, who operates 16

tankers all over the world. Since2006, when the first vessel, M/

T Genmar Ajax, from General

maritime entered our yard for

routine inspection and repair, we

began to establish a relationship

with this client.

In 2012, on the basis of

mutual trust and understanding,

our loyal cl ients awarded aseries of vessel repairs to our

yard. In return, we selected the

best ship repair team for them.

From the initial meeting after

the superintendents arrival, we

perused the repair specification

and compiled a detailed repair

plan. Every ve days we reviewed

the projects and adjusted the plancontinually. Finally, we got upmost

recognition from the owners

side, specically for the Electrical

Department. The owner issued a

warm appreciation letter for the

excellent job done.

At the end of August the repai r

team of COSCO Shanghai efciently andeffectively accomplished repair works for

the reefer ship Waves. Furthermore, the

total repair period was shortened by 3

days compared to our original contracted

repair period. The owner of MV Waves

was very glad to keep their previous

promise of "US$ 3000 per day for every

single day in advance". Such a practice is

a very rare phenomenon in the current

bad market conditions. At the beginning

of August the contract was signed with

this reefer owner with a promise that we

could nish their entire repair within a 21-

day working period. However, after the

initial inspections, the owner found the

scope of steel inserts and renewals hadsignificantly increased by 30%.. More

seriously all the newly identified work

was located in water ballast tanks and oil

tanks which are covered by a thick layer

of insulation, plywood and gratings.

The first step after completion of

inspections, was to arrange to retain

the 100 tonnes of fuel oil in each center

oil tank that the owner wanted to keep

during the repair

.The owner has been a long-term

cooperator with COSCO Shanghai, and

they are very strict on repair period,

quality and workmanship. They never

negotiate with the shipyard about

the working period: not even for this

contract. Their attending superintendent

even asserted his belief that this project

is a mission impossible. To relieve the

huge pressure on the shipyard, this

owner even promised a bonus clause to

yard which they have never done before.

But the COSCO (Shanghai) Shipyard

repair team has become famous for its

ability to achieve impossible missions

and it combined all the available resource

in the yard to respond to the owner's

impulse to support our motive. They

made a devil of a repair plan: workers

were divided into 3 shifts to work day

and night, the QC stayed onboard to

make sure the jobs were done correctly

the rst time, and the safety supervisors

monitored the work on a 24 hour basis.

Relying on our excellent cooperation we

nally completed all the repairs 3 days in

advance. This great achievement reects

our great courage and conviction.

Recently, COSCO Zhoushan simultaneously

received three letters of appreciation from

COSCO Container Lines, COSCO Bulk Carrier

and GENERAL MARITIME MANAGEMENT

(PORTUGAL) in which they all expressed theirappreciation for the shipyards consideration

for customers.

In their letters, the customers said that

they admired COSCO Zhoushan for its

efficient performance in labour allocation,

health and safety measures, sense of

responsibility and overall high standards.

Customers also pointed out that COSCO

Zhoushan not only completed the work

before the planned departure date, but

also completed the repair work safely and

efficiently and with high quality. COSCO

Zhoushan once again showed their spirit.

Since August, COSCO (Zhoushan shipyard)

experienced typhoon conditions four times.

Facing such harsh weather conditionsincluding typhoon and continuous high

temperatures, repair staff actively contacted

shipowners to optimize their repair schemes.

At the same time, they worked very hard

against the clock during spells of good

weather to ensure the vessels were able to

sail on time. What they did won the owners

trust and praise.

In addition, Japan's NYK, Bangladesh

Brave Royal Shipping and Jia Xin International

Shipping also sent e-mails to express their

appreciation for the work and effort on

strict accident prevention and control before

typhoon and rapid recovery of production

after the typhoon: eventually completing the

repair mission in the harsh conditions to a

high standard.

This year, COSCO Zhoushan has focused

on core customers in actively improving

their attention to detail; such as carrying

out a series of work specifically to improve

customer satisfaction. For the rst half of the

year, the commercial department and ship-

repair department focused on customers care

and satisfaction, following the philosophy of

Group General Manager Wang Yuhangs "Four

Combinations".

In the process of production organization,

COSCO Zhoushan prioritized the transfer

of personnel working on other ships to the

critical worksites to ensure deadlines were

met and also successfully directed personnel

to another ship which required importantguarantee work to be completed.

In order to bet ter commun icate

with customers, all the staff of COSCO

Zhoushan participated in focused customer

maintenance activities. Firstly, the Project

Manager and SRM actively do the daily work

of communication and on-site maintenance

with the clients. Secondly, for important

projects and customers, COSCO Zhoushan

now host weekly meetings for directors and

repair managers in which customer feedback

can be immediately collected and acted upon.

Faced with extremely hot weather, COSCO

Zhoushan arranged some flexibility into its

operating hours. In one example, COSCO

Zhoushan borrowed a construction teamfrom another plant to boost productivity

where needed. In another example, the yard

improved the construction environment as

much as possible by arranging shade nets

above the main deck and using a technique

of locating ice behind fans to improve staff

working conditions. During the typhoon

season, the team made full use of daytime

working to maximize production prior to

arrival of the typhoon, and supervisors and

foremen in charge operated separately, but in

a coordinated way, which provided the best

possible guarantee of production continuity

for our customers.

COSCO Lianyungang Shipyard

has successfully completed the

repairs for three consecutive

vesse l s f r om ATLANTSKA

PLOVIDBA D.D. Both sides have

cooperated very closely and

successfully from the moment

of arrival of the rst vessel to be

repaired in our yard.

The Imperial arrived in the

yard for repair after deviating

from Guangdong. ATLANTSKA

PLOVIDBA D.D. is one of our

loyal clients and so the yard

also arranged a strong ship-

repair team and more labor and

facilities on board. The owners

representative Mr. Pace was very

satisfied with the yards ship

repair team.

The major repair work on the

vessel included; normal minor

hull repairs, sandblasting and

painting of seven cargo holds,

combination boiler repair, E/

R heater exchanger repair, oil

tank clean and other routine

mechan ica l and e lec t r i ca l

maintenance jobs.

On September 7th, 2012, the

captioned vessel sailed smoothly

f rom COSCO L ianyungang

Shipyard. COSCO Lianyungang

shipyards repair quality and

service level is excellent. This

time the work was also completed

in accordance with the schedule,

said Mr. Pace, with a smile.