Shenzhen Chiwan Sembawang Engineering to sell stake in Jutal yard
Shenzhen Chiwan Sembawang Engineering has listed for sale its entire 70% equity share in offshore yard Jutal Offshore Engineering Heavy Industries.
Chiwan Sembawang didn't explain the reason for the sale and it expects to sell the shares for RMB572m.
Jutal Offshore Engineering Heavy Industries is 30% owned by Hong Kong-listed Jutal Offshore Oil Services, which mainly engages in the businesses of offshore engineering and technical supporting services and manufacturing of oil and gas equipment and facility including offshore modules and offshore platforms through its yard in Penglai, Shandong.
According to the tender notice, Jutal Offshore Oil Services still holds the preferential right to purchase the shares.
Shenzhen Chiwan Sembawang Engineering is a joint venture between China's CNOOC, Chiwan Base and Singapore's CSE Holding.
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