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CIMC Raffles increases investment in offshore engineering project

CIMC Raffles Offshore (Singapore) is to invest $100m in CIMC Raffles (Yantai) for developing offshore engineering and drilling platform sectors.

The investment from CIMC Raffles Offshore (Singapore) will be used for the development, research, design and construction of marine offshore equipment and drilling platform at Zhifu district, Yantai.

Zhifu district will provide preferential policies and supports to this project and set up a team focusing on the promotion of it, according to Zhifu local authority.

CIMC Raffles Offshore Engineering (CIMC Raffles) is a subsidiary under CIMC group. The Yantai unit in Shandong province is one of the major engineering research centers and construction bases of the company.

CIMC Raffles’ main products include drilling rigs, production platforms, offshore construction vessels, offshore support vessels, offshore fish ranch, offshore windmill installation vessels, yachts and cruise ships. The company occupies 80% market share of deepwater semi-submersible drilling rigs in China.

TAGS: Shipbuilding
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