Sinopacific Offshore & Engineering resumed full operations yesterday following the approval of the shipyard’s restructuring plan last week.
The shipyard went into a bankruptcy restructuring process in August 2016 and suspended operations after delivering a second 38,000 cu m ethylene gas carrier to Ocean Yield in June.
In July, CIMC Enric entered into a new restructuring investment agreement with the receiver of Sinopacific Offshore to take over the yard for RMB799.8m ($117.58m).
An official from SUMEC Group, a major creditor of Sinopacific Offshore, told Splash that the shipyard’s primary goal now is to complete existing orders and market the yard for new orders.
Sinopacific Offshore currently has two 22,000 cu m LEG carriers under construction for Odfjell.