Yangzijiang Shipbuilding is looking to push further into the offshore marine business with new joint ventures with Qatar Investment Corp (QIC), Seatrade Asia Online reports. Yangzijiang and QIC will be investing $110m in a Singapore-based 50 – 50 joint venture YZJ Offshore Engineering Pte Ltd (YOEPL). In turn the new joint venture will invest $100m in a new China based company YZJ Offshore Engineering China, with Yangzijiang investing a further $150m directly.
YOEPL will provide design, procurement and marketing services while the China based company will provide turnkey production and fabrication for the offshore oil and gas industries.
“The board is of the view that the investment is in the best interest of the group to enhance group’s shipbuilding capabilities in design and construction of offshore platforms and vessels as well as furtherance to the group's development and competency strategies,” Yangzijiang said.
YOEPL will provide design, procurement and marketing services while the China based company will provide turnkey production and fabrication for the offshore oil and gas industries.
“The board is of the view that the investment is in the best interest of the group to enhance group’s shipbuilding capabilities in design and construction of offshore platforms and vessels as well as furtherance to the group's development and competency strategies,” Yangzijiang said.