Shanghai: IM Skaugen (IMS) has received approvals from the PRC Government to set up new company Skaugen Marine Construction (SMS) in Shanghai, in support of the group's newbuilding activities in China. The new company will directly control vessel and cargo handling system design, as well as steel sourcing and the construction process through to vessel construction. In all IMS has now formed, or is forming, 10 companies in China ?" seven of which are jv's ?" to support its strategic involvement in China. Last year the group embarked on a programme to build 15 gas carriers in China, orders for nine of which have already been placed with the remainder to be confirmed 'during the next quarters'. [11/09/06]
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