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Wison Offshore & Marine scores $631m credit line from China Minsheng Bank

Wison Offshore & Marine scores $631m credit line from China Minsheng Bank
Shanghai-based Wison Offshore & Marine has secured an over RMB4bn ($631.3m) worth of credit from China Minsheng Bank to support its new order financing.

The financing agreement was reached between Wison Group, parent of Wison Offshore & Marine, and China Minsheng Bank.

“Our partnership with China Minsheng Bank will enhance our financial capabilities and reinforce our investment in expanding our strategic and innovative product portfolios, such as FLNG and Buoyant Tower,” said Cui Ying, ceo of Wison Offshore & Marine.

“The strong financial support from China Minsheng Bank also enables us to develop our strategy of becoming a global leader in large-scale modules fabrication to support the large EPC contractors through our worldclass fabrication facilities in China,” he added.

In recent years, Wison Offshore & Marine has dedicated a high level of resources to the development of floating LNG liquefaction and storage (FLNG) facilities, which are expected to be more fast-track and cost-efficient solutions to monetise and deliver gas to market compared to the landbased solutions.

Currently, the world’s first operational FLNG facility is being delivered at Wison’s yard in Nantong under an engineering, procurement, construction, installation and commissioning (EPCIC) contract with Exmar.

The company also recently marked a keel-laying of Exmar FSRU project, a barged-based floating LNG regasification unit which is the first China-made FSRU undertaken by a Chinese firm under an EPCIC contract.