Greater China

Offshore Oil Engineering splashes on deepwater project

Shenzhen: Offshore Oil Engineering plans to issue no more than 640m shares to 10 or less specific investors to get financial support for its deepwater offshore engineering project in Zhuhai, the company said in an announcement yesterday.

According to the company's non-public offering of A shares plans, the total raised fund will be no more than RMB3.5bn except the net of issuance costs, which will be fully used for the Zhuhai deepwater offshore engineering equipment manufacturing base project. The total investment of the project is around RMB10.1bn, which will be constructed in five phases. The project will be carried out by the company’s wholly-owned subsidiary in Zhuhai. [12/10/30]


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