SinoOcean, an idle offshore assets management platform set up by major Chinese offshore builders, has entered into an agreement with ICBC Leasing to collaborate on the management of offshore assets.
The two parties will form a strategic partnership to use their respective advantages and resources to manage a large number of idle offshore assets at domestic yards.
SinoOcean was set up last year by China Chengtong, CNOOC, CSSC, CSIC, Cosco Shipping Heavy Industry, China Merchants Offshore and China Communications Construction Company under the arrangement of the central government. The group aims to consolidate around $30bn worth of idle offshore assets at state-run companies through resale and chartering deals.
Since May, SinoOcean fixed four PSVs at Waigaoqiao Shipbuilding to COSL, and one jackup rig at Cosco Dalian yard to UAE-based Selective Marine Services under charter deals, and arranged the sale of an accommodation vessel at Cosco Zhoushan yard to African Offshore Services.