Marine Log

December 22, 2006

Yantai-Raffles gets more funding

Yantai Raffles Shipyard Limited has signed a strategic cooperation agreement for RMB1.2 billion (about $153 million) with China Construction Bank ("CCB") on 19 December 2006.

Brian Chang, Yantai Raffles Chairman, stated: "The signing of this agreement takes YRS's long and valued relationship with CCB to a new level. This agreement not only provides YRS with some certainty for possible funding requirements for future projects, but also demonstrates the confidence that CCB shares with us in our future."

Singapore headquartered Yantai Raffles Shipyard operates a shipyard in Yantai, China, located on the junction of Bo Hai Bay and the Yellow Sea that specializes in jack-up and semi-submersible drilling rigs, FPSO, offshore vessels and other units.