China: JES Wins Its First PSV Order

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

The contract is the Group’s first in its history of more than 30 years for the construction of an offshore support vessel and is representative of the Group’s expansion from building commercial shipping vessels to constructing more complicated and sophisticated offshore support vessels. Secured from a new customer based in Norway, delivery of the vessel is expected to take place at the end of FY2014.

“As the shipping industry remains in the doldrums, it is part of the Group’s strategy to maximise, enhance, and leverage on our capabilities to explore growth opportunities beyond the commercial shipbuilding industry into the more robust offshore oil and gas sector to enhance shareholders’ value.” says Mr. Jin Xin, Chairman and Chief Executive Officer, JES

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JES International, October 8, 2012