CIMC sets up partnership to build two offshore platforms

  • Business & Finance

CIMC Offshore has entered into an agreement with Shenzhen Mangrove Venture Capital and China Industrial International Trust to establish a partnership that will build and operate two offshore platforms. 

To promote the group’s offshore business, CIMC Offshore, a subsidiary of China International Marine Containers (CIMC),will together with Shenzhen Mangrove Venture Capital and China Industrial International Trust jointly establish Tianjin Lanshui Offshore Partnership with total subscribed capital of RMB 5,525.01 million ($795.1M) and a duration of 5 years.

CIMC Offshore intends to become the general partner of Tianjin Lanshui. The purpose of the partnership is to engage in investment and services related to offshore engineering, and to generate investment returns for the partners.

Upon the establishment of Tianjin Lanshui, CIMC’s two subsidiaries, CIMC Qianhai Leasing and Tianjin Yongwang, intend to cooperate with Tianjin Lanshui on joint construction and operation of two offshore platforms.

The plan entails for Tianjin Lanshui and CIMC Qianhai Leasing to contribute additional capital into Tianjin Yongwang of RMB5,525.0 million and RMB974.9 million, respectively, holding 85% and 15% equity interest in the enlarged capital of Tianjin Yongwang.

In addition, they will jointly construct and operate, through Tianjin Yongwang, a deepwater dual-rig semi-submersible drilling platform and a deepwater semi-submersible living platform.

The D90 1# deepwater dual-rig semi-submersible drilling platform will, according to the partners, be one of the largest ultra-deepwater dual-rig semi-submersible drilling platforms in the world, equipped with DP3 dynamic positioning system and certified by Det Norske Veritas.

The CR600 semi-submersible living platform will be designed to operate in sea areas of Brazil, the Gulf of Mexico and West Africa, while also considering the need for use at the UK North Sea.

After completion of construction, the offshore platforms will be sold or leased out.

Offshore Energy Today Staff

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