Chinese state-run energy conglomerate China National Offshore Oil Corporation (CNOOC) has announced that its subsidiary CNOOC Energy Technology & Services has listed its shares on Shanghai Stock Exchange today.
CNOOC Energy Technology & Services was established in 2008 and mainly offers energy logistics services and integrated FPSO services.
According to the company’s prospectus, it plans to raise RMB3.733bn ($543m) from the IPO.
The company will use RMB1.5bn for debt repayment, RMB376m for a drilling platform construction project, RMB601m for the acquisition of an LNG carrier to serve the Queensland Curtis LNG project in Australia, while another RMB629m will be used for the maintenance and repair for the 2004-built Hai Yang Shi You 111 FPSO.
CNOOC currently controls seven listed units including another two offshore service units COSL and COOEC.