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CSSC Offshore & Marine Engineering restructuring Chengxi businesses

CSSC Offshore & Marine Engineering entered into equity transfer agreement with CSSC Holdings and CSSC Chengxi for internal consolidation of its offshore wind turbine and ship repair business.

The company is to sell Chengxi Yangzhou’s interests to CSSC Holdings and CSSC Chengxi at a total transfer price of RMB963.8m ($139m). Upon completion of the transaction, the company will not hold any equity interest in Chengxi Yangzhou.

Chengxi Yangzhou was established in 2015, mainly engaged in the production and sales of various types of vessels that below 50,000 tons. The equity of Chengxi Yangzhou was held by CSSC Offshore & Marine Engineering, CSSC Holdings and CSSC Chengxi at 49%, 25% and 26%, respectively.

The transaction is in line with CSSC Chengxi’s development strategy, and could stabilize its market position in bulk carrier, high value-added vessel and offshore wind tower, said CSSC Offshore & Marine Engineering.

In Addition, CSSC Chengxi has also acquired 12.56% stake equity of CSSC Guangxi Shipbuilding & Offshore Engineering, which is engaged in shipbuilding, ship repair, and ship recycling.

This deal will strengthen the group’s ship repair resources consolidation in Beibuwan region and optimize ship repair business layout of CSSC Chengxi.

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