RSHI Establishes New Offshore Engineering Base in Singapore

RSHI Establishes New Offshore Engineering Base in Singapore

China Rongsheng Heavy Industries Group Holdings Limited announced the establishment of Rongsheng Offshore & Marine Private Limited, the Group’s new offshore engineering base, in Singapore.

The company will focus on research and development, marketing and “Engineering, Procurement and Construction” (“EPC”) projects in offshore engineering, drawing on Singapore’s superior industry advances and human resources. On the same day, Rongsheng Offshore & Marine also officially announces that it has secured an EPC contract for a 2,000-meter deepwater tender barge. With sound developments made in the high-end offshore equipment manufacturing field, the Group will seek to accelerate its all-round transformation into an offshore engineering service provider.

Rongsheng Offshore & Marine, a wholly-owned subsidiary of China Rongsheng Heavy Industries and registered in Singapore, is set to become a light asset, high technology and first class offshore engineering talent base. It will play an important role in the Group’s offshore engineering strategy; the sales team is positioned to help the Group to gain market share in the international offshore engineering market, and the operational team will help the Group to achieve greater breakthroughs by engaging in high-end operational activities such as research and development, EPC project management and international procurement.

Mr. Chen Qiang, Executive Director and Chief Executive Officer of China Rongsheng Heavy Industries, said: “The opening of Rongsheng Offshore & Marine marks an important milestone towards the Group’s goal to upgrade and transform into an offshore engineering service provider. Combined with the company’s new, innovative operating model and technological platform and Jiangsu Rongsheng Heavy Industries Company Limited’s (“Jiangsu Rongsheng”) strong manufacturing base, China Rongsheng Heavy Industries has gained access to the global market and can now make their presence felt in the high-end marine equipment manufacturing field. By improving efficiency and lowering cost through synergizing the Group’s various business areas, we are confident that we can build Rongsheng into a world-class offshore engineering brand.”

RSHI Establishes New Offshore Engineering Base in Singapore-

The tender barge, ordered by a Norwegian customer, is currently one of the largest of its kind in the world, complete with a high-tech, high value-added deepwater engineering apparatus that boasts a wide scope of applications and excellent cost performance. With a maximum working depth and drilling depth of 2,000 meters and 6,000 meters, respectively, it meets the global requirements of oil drilling operations in mild-temperature waters.

The project in question is an EPC project, covering Engineering, Procurement, Construction. Rongsheng Offshore & Marine is the general contractor, and Jiangsu Rongsheng is the manufacturer. China Rongsheng Heavy Industries is one of the few shipbuilders in China capable of undertaking an EPC project, and the winning of this tender highlights the technological and manufacturing strength of China Rongsheng Heavy Industries in the marine engineering field. It also demonstrates the recognition received by the Group in the international shipbuilding and offshore engineering industries.

Mr. Don Lee, Director and Chief Executive Officer of Rongsheng Offshore & Marine, has made great achievements in offshore engineering and commands a considerable reputation, having established extensive contacts and close cooperation with offshore rig owners and petroleum companies over the course of 40 years in the field. Prior to his appointment at Rongsheng, Mr. Lee served as an Senior General Manager at Sembcorp Marine’s subsidiary Jurong Shipyard, Senior Vice President of the Marketing of Sembcorp Marine, Director of Jurong Brazil, Director of Brazil Netherlands BV, and Director of PPL Shipyard.

[mappress]

RSHI, October 22, 2012

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