COOEC’s subsea arm to buy $230m offshore vessel

The board of COOEC agreed at a recent meeting for its wholly-owned Shenzhen-based COOEC Subsea Technology to purchase the specialised offshore vessel.

In a brief statement filed to the Shanghai Stock Exchange, COOEC said that COOEC Subsea Technology will come up with the entire investment for the new vessel.

In early July, COOEC, subsidiary of China National Offshore Oil Corp (CNOOC), entered into a three-year collaboration with Singapore’s Vallianz Holdings, which will provide OSVs to COOEC to support its offshore construction activities.