Beijing: Oslo-listed TTS Group ASA has entered into an agreement with South China Marine Machinery, a subsidiary of China State Shipbuilding Corporation (CSSC), through subsidiary TTS NFM GmbH to establish a new joint venture.
The new jv will be in engaged in the development, design, assembly, production and services for heavy lift marine and offshore cranes.
It is the third jv that TTS has established in China. TTS established the first jv, TTS Hua Hai, with CSSC in 1998, and the company established the second jv, TTS Bo Hai, in 2005 with DSIC, the Dalian branch of China’s other leading shipbuilding group, China Shipbuilding Industry Corporation (CSIC).
TTS Group designs, develops and supplies equipment solutions and services for the marine and offshore industries, and is one of the top three largest suppliers in the market. [05/12/14]