Xiangyu Dredging Holdings Limitedis pleased to announce that the wholly owned subsidiary, Jiangsu Xingyu Port Construction Company Limited (“Jiangsu Xingyu”) reached an additional contract to provide reclamation dredging services in connection with the reclamation project at Long Port Development Area of Longkou City, Shandong Province with Longkou City Nanshan Western Coastline ArtificialIsland Construction and Development Limited. The estimated revenue of such works under the contract is approximately RMB90 million (equivalent to HKD 110 million), further enhancing the total contract sum of Longkou Projects to approximately RMB 800 million. The Longkou Contract represents an addition to the contracts for the reclamation works currently provided by the Group to the Longkou Projects. This year, Xiangyu Dredging was rewarded with three reclamation dredging service contracts from Longkou Projects in April and September. The total contract sums generated from the three contracts reached approximately RMB 700 million, and was expected to be completed by the end of 2014. |