TTS Enters Offshore Drilling Equipment Cooperation Agreement in China

TTS Group has entered into a strategic co-operation agreement with the Chinese shipbuilding group, Dalian Shipbuilding Industry Corporation (DSIC) regarding drilling equipment to the offshore industry.

TTS will through its Energy Division provide design, marketing, commercialization and delivery of drilling packages to DSIC’s projects.

China aims to become a leading supplier to the offshore industry, and the agreement enables TTS to strengthen its position in this market, says CEO Johannes D. Neteland.

The co-operation on deliveries of equipment to customers in the offshore market will be organized through TTS Bohai Machinery, a joint-venture company owned of TTS and DSIC. The co-operation with DSIC and TTS Bohai has a considerable potential during the next 3-5 years period.

[mappress]

Source:TTS Group, November 23, 2010;