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November 6, 2009

Yantai Raffles buys jack-up yard

Yantai Raffles Offshore Ltd, a subsidiary of Yantai Raffles Shipyard Limited, has entered into an agreement to purchase a 100% equity interest in Sanlian Longkou shipyard in Shandong, China for a cash consideration of RMB 291Million. Completion of the acquisition is subject to required regulatory approvals.

The shipyard, with an existing land area of more than 400,000 sqm, will be developed as one of the world's largest jack-up fabrication yards.

Deputy Chairman Brian Chang said "We are delighted to announce the acquisition of Sanlian Longkou. Through this purchase we can expand our capacity, improve our efficiency and embark on delivering quality products to our customers at a competitive price and on time. Our long term plan is to become the number one supplier of jack-up drilling rigs in the world within the next 3-5 years."


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