CNOOC lists FPSO unit on Shanghai Stock Exchange

CNOOC lists FPSO unit on Shanghai Stock Exchange

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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