CIMC Offshore attracts $145M investment

Equipment

China International Marine Containers (CIMC HK) has agreed to sell a 15 percent interest in CIMC Offshore to Future Industry Investment Fund, also based in China.

The investment fund has been set up by the government of China to invest in major projects in the advanced manufacturing industry, aiming to facilitate industry development in China.

As part of the arrangement, Future Industry Investment Fund will invest the US dollar equivalent to one billion Chinese yuan in CIMC Offshore, in return for a 15 percent equity in the company. According to the current exchange rate, one billion yuan equals $145 million.

CIMC Offshore specializes in the construction of equipment and facilities used by the offshore oil and gas industry, such as semi-submersible and jack-up drilling rigs.

According to CIMC, with this arrangement “CIMC Offshore, a subsidiary of the Group, becomes the first marine equipment enterprise to be invested by Future Industry Investment Fund.”

The company says the investment will be beneficial to the research, design and construction of high-end offshore equipment. It is expected to facilitate the localization of major equipment manufacturing “to achieve new breakthroughs,” and to further enhance the capacity of CIMC Offshore.

Offshore Energy Today Staff