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China’s Furui to acquire 51% stake in Singapore’s Six Tee

China’s Furui to acquire 51% stake in Singapore’s Six Tee
Zhangjiagang Furui Special Equipment Co’s unit has earmarked $8.2m to buy a 51% controlling stake in Singapore-based Six Tee Engineering Group, a marine and offshore engineering services firm.

China’s Furui, via its subsidiary Furuise (Singapore) Investment Holding, will purchase the stake in Six Tee.

Furui is engaged in specialised storage of LNG, providing a one-stop integrated solution for high technology and new technology enterprise.

Shenzhen-listed Furui said the investment deal will help the group expand its offshore and marine businesses, particularly in the areas of offshore engineering and design and providing project management for drillships, drilling platforms, FPSOs and other offshore equipment.

“Due to the fall in global oil prices, the market for offshore LNG equipment is currently at its cyclical low point. The company is taking advantage of the lower cost of investments needed at this point to expand its business, but we also note that there is a certain degree of risk involved in the short term,” Furui stated.