CSSC subsidiary sets up offshore engineering JV

CSSC subsidiary sets up offshore engineering JV

Haiying Enterprise, a subsidiary of China State Shipbuilding Corporation (CSSC) and an ultrasound scanner manufacturer, has signed an agreement with Tongguang Cable Group, Jiangsu Tongguang Marine Opto-electronic Technology and Beijing Minghua Xinda to establish an offshore engineering joint venture.

The new joint venture Zhongchuan Offshore Company will mainly engage in the businesses of offshore EPC and maintenance, offshore engineering technology, subsea engineering technology and offshore equipment leasing.

Haiying Enterprise, Tongguang Cable Group, Jiangsu Tongguang Marine Opto-electronic Technology and Beijing Minghua Xinda will invest RMB41m ($5.95m), RMB29m, RMB20m and RMB10m to get 41%, 29%, 20% and 10% equity shares in the joint venture respectively.

Liu Yu, general manager of Haiying Enterprise said the joint venture will meet the demands from China’s offshore development strategy under the One Belt and One Road initiative and will promote the development of the offshore engineering industry.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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