Zhangjiagang Chemical Machinery sets up offshore subsidiary

Shanghai: Zhangjiagang Chemical Machinery has announced that it will jointly establish a subsidiary offshore equipment company with four other companies in an effort to optimize the company’s product portfolio.

Zhangjiagang Chemical Machinery will invest RMB377m to get 48.52% equity of the new offshore company, with the other investors being Jiangsu Yonggang Group, Zhangjiagang Jinmao Investment, Fengli Group and Zhangjiagang Bonded Area Investment Company with 12.87%, 19.31%, 12.87%, and 6.43% equity respectively.

According to the announcement, the business areas of the new company will include jack-up rigs, semi-submersible drilling platform, FPSO, and PSV.  [07/11/12]

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