Titan Petrochemicals develops rig business

Hong Kong: Titan Petrochemicals has announced that the company had been in discussion with an Asian offshore oil rig manufacture for possible cooperation in the rig building business, including the utilization and adaptation of the production facilities at its Quanzhou shipyard.

The company has entered into a MOU with the oil manufacture and another party for the long-term cooperation in the management and operation of the shipyard for the business of oil drilling platforms production, offshore oil production engineering equipment and ship conversion, according to the announcement. [12/11/13]

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