Shanghai: Tidfore Group, a heavy machinery maker based in Hunan province, announced that it has officially entered the offshore sector following a $400m contract signing with Brazilian company Galaxia Maritima.
Under the agreement, Tidfore Group will offer EPC services for eight offshore engineering vessels, which will be chartered to Petrobas for 16 years.
“This is the company’s first offshore project as well as the company’s largest overseas project,” said Wu Chao, vice president of Tidfore.
Tidfore has signed an agreement with Galaxia in May this year to jointly develop the growing offshore market in Brazil.
The company is currently developing a new offshore equipment manufacturing base, which is expected to start operation in 2016, in Tianjin Lingang Industrial Zone.
“The Tianjin base is a new attempt for Tidfore to transform from traditional manufacturing to modern manufacturing,” Wu added.
Galaxia Maritima is a Brazilian shipping company that offers offshore support services for the oil industry. It currently operates more than 90 vessels. [20/11/14]