The joint venture, Marine Technology Group, will be established by CIMC Raffles Marine Engineering (Singapore), Shenzhen Southern CIMC Containers Manufacture, and Yantai Guofeng Group, with a registered capital of RMB5bn.
CIMC is expecting to integrate the group’s offshore engineering related assets in Yantai by establishing Marine Technology Group to focus on the development of high-end offshore oil and gas production equipment, offshore wind power, seawater desalination and other new marine businesses.
For the group’s offshore engineering segment, the transaction can bring important resources for the development of marine industry in Yantai, which can further promote the upgrading and transformation of the group’s offshore engineering business, said CIMC.
Yantai CIMC Raffles Offshore and Yantai CIMC Raffles Shipyard are the two major units of CIMC engaged in marine engineering, deep-sea equipment manufacturing, offshore engineering & design, and related businesses.
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