Shanghai Waigaoqiao Shipbuilding, a flagship yard of China State Shipbuilding Corporation, officially launched a new offshore unit in Qidong, Jiangsu yesterday.
The new unit Waigaoqiao Offshore Qidong is taking over the yard facility previously operated by offshore equipment manufacturer Honghua Offshore, and will focus on offshore equipment manufacturing and offshore engineering.
In Janaury, Honghua Offshore entered into an agreement with Waigaoqiao to collaborate on offshore business.
In the past two years, Honghua had been trying to dispose of its entire offshore business due to heavy losses but failed with a deal to sell the business to Jiangsu Honghai Energy Equipment last year.
Currently, Waigaoqiao’s offshore orderbook is made up nine jackup drilling rigs and one FPSO.