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SinoOcean forms strategic partnership with CNOOC for idle offshore assets

SinoOcean, an idle offshore assets management platform set up by major Chinese offshore builders, has entered into an agreement with oil and gas giant CNOOC for the deployment of offshore vessel and rig assets.

Under the partnership, CNOOC and its subsidiaries will work together with SinoOcean to promote the charter and sale of the idle offshore assets at domestic yards.

COSL, the offshore service unit of CNOOC, recently chartered four PSVs and one AHTS vessel from SinoOcean.

Earlier this month, SinoOcean entered into a similar agreement with ICBC Leasing.

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.

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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