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Shanghai Bestway secures major jackup rig order during restructuring

Photo of Jason Jiang Jason JiangJune 15, 2020
65 Less than a minute

Shanghai Bestway Marine Engineering Design has announced that its subsidiary yard Dajin Heavy Industry has secured a newbuild order from Shanghai Jiupu Marine Technology for the construction of a jackup rig.

The rig will be used for operations at offshore wind farms after delivery by the end of March 2021. Total value of the contract is around RMB107.8m ($15.2m).

Shanghai Bestway expects the contract to have a positive impact on the company’s financial situation as the company is currently in a debt restructuring process.

Shanghai Bestway was hit by a financial crisis last year and a local court approved a creditor’s request to restructure the company in February this year.

Photo of Jason Jiang Jason JiangJune 15, 2020
65 Less than a minute
Photo of Jason Jiang

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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