Shanghai Waigaoqiao Disposes of USD 1 Bn Offshore Newbuilds

Due to the overall sluggishness in the offshore market, China State Shipbuilding Corporation (CSSC) opted to lighten part of the offshore burden of its subsidiary Shanghai Waigaoqiao Shipbuilding (SWS).

Specifically, Shanghai Waigaoqiao will transfer seven jack-up rigs and four platform supply vessels, which are under construction at the shipyard, to Tianjin CSSC CCB Investment Management, an asset management company and another subsidiary of CSSC.

As disclosed, a total contract value is RMB 7.48 billion (around USD 1.13 billion).

SWS was faced with problems of delivery of the newbuildings and this has negatively affected the financial performance of the company, as explained in the statement.

The sale of the aforementioned offshore products comes in an effort to secure delivery of the newbuildings and improve operating results of the shipyard, the company said.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >