Shanghai: Yantai Raffles Offshore Ltd, a subsidiary of Yantai Raffles Shipyard Limited, has entered into an agreement to purchase of 100% equity interest in Sanlian Longkou shipyard (pictured) in Shandong, China for a cash consideration of RMB291m. Completion of the acquisition is subject to required regulatory approvals.
Upon completion, the shipyard with existing land area of more than 400,000 sqm, will be built as one of the world's largest Jackup fabrication yards.
Deputy Chairman Brian Chang said, "We are delighted to announce the acquisition of Sanlian Longkou. Through this purchase we can expand our capacity, improve our efficiency and embark on delivering quality products to our customers at a competitive price and on time. Our long term plan is to become the number one supplier of Jackup drilling rigs in the world within the next 3-5 years." [03/11/09]
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