China International Marine Containers (CIMC) has announced that its subsidiary CIMC Offshore intends to partner with Shenzhen Mangrove Venture Capital and China Industrial International Trust to jointly establish Tianjin Lanshui Offshore Partnership with total capital of RMB5.52bn ($795m) over a duration of five years.
Upon establishment of Tianjin Lanshui, CIMC Qianhai Financial Leasing and Tianjin Yongwang Machinery and Equipment Leasing, both being wholly-owned subsidiaries of CIMC, plan to cooperate with Tianjin Lanshui on joint construction and operation of two offshore platforms.
According to the plan, Tianjin Lanshui and CIMC Qianhai Leasing is going to contribute additional capital into Tianjin Yongwang of RMB5.52bn and RMB974.9m respectively, holding 85% and 15% equity interest in the enlarged capital of Tianjin Yongwang, and they will jointly construct and operate, through Tianjin Yongwang, a deepwater dual-raig semi-submersible drilling platform and a semi-submersible accommodation platform.
CIMC said the partnership and the proposed cooperation are conducive to improving the capital structure of the group, allowing CIMC to enhance its overall competitiveness.
