China Merchants acquires Jiangsu Haixin Heavy Industries

Shanghai: Following on from the announcement of its new offshore base in Nantong, China Merchants Group has signed an asset transfer deal with Jiangsu Haixin Heavy Industries to fully acquire the shipyard.

China Merchants has targeted the new base as a leading offshore centre in China after completion and Haixin Heavy Industries will be dedicated to building offshore equipment including semi-submersible platforms, drillships, FPSOs and pipe laying vessels.

Currently most of China Merchants Group’s offshore businesses are in South China, and its facility at Zizhoudao has become the main shipyard in China for offshore equipment repair, conversion and construction. Currently there are six jack-up rigs under construction at the yard.

Haixin Heavy Industries, located at Haimen port area of Nantong, has just signed a contract with China Railway Port and Channel Engineering Group to build a multi-function barge and a pipe-laying vessel.[07/12/12]



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