Hong Kong: CSSC (Hong Kong) Shipping, a shipowning unit of China's shipbuilding conglomerate China State Shipbuilding Corporation (CSSC), has set up an offshore engineering subsidiary in Singapore to tap into the international offshore market.
The new company, which is called Rui Ling Offshore Engineering, has a registered capital of S$10m. CSSC (Hong Kong) Shipping holds 70% equity in the subsidiary, with the remaining 30% owned by Titan Oil in Singapore.
The company will focus on the building, chartering, management, and operation of offshore platforms and vessels. In addition, Rui Ling will provide design, technology and management support for CSSC's drive into the international offshore market. [30/09/14]