China: JES International Makes Encouraging Start in Offshore Sector

October 31, 2012

JES International Holdings Limited (JES), a major shipbuilding group based in the PRC, has entered into a shipbuilding contract for one unit of UT 755 LN Platform Support Vessel (PSV) through its wholly owned subsidiaries, JES Universal Co. Private Limited and Jiangsu Eastern Heavy Industry Co. Ltd.

This is the Group’s second contract secured since it expanded its shipbuilding business into the offshore oil & gas industry with its first order for a PSV as announced on 8 October 2012. The second contract was secured from the same customer based in Norway, and is also scheduled for delivery at the end of FY2014. With the new order, JES now has a total of 2 PSVs in its offshore support vessels order book.

“We are building up a decent momentum in our expansion into the offshore space. The repeat order, along with 2 additional units to be effective in the coming months, represents our customers’ confidence in our capability to build offshore support vessels of global standards. This is an encouraging start to our move into the offshore space, and we shall endeavour to secure more contracts to build a strong presence for ourselves in the offshore space.” Mr. Jin Xin, Chairman and Chief Executive Officer, JES.

The Group has also entered into contracts for the construction of two additional PSVs, which shall only become effective in the coming months. The two additional PSVs have not been included in the order book as the Group only recognises effective contracts. The Group shall follow with further announcements as and when the contracts become effective.

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Shipbuilding Tribune Staff, October 31, 2012; Image: rolls-royce