CIMC Enric has signed an agreement with the three shareholder companies of Sinopacific Offshore Engineering Co Ltd (SOE) at the former’s R&D Centre in Shenzhen, southern China for the official transfer of equity.
Chunhe Holding Group Co. Ltd, SinoPacific Shipbuilding Group, and SOEG PTE Ltd all signed the agreement, which will see CIMC Enric first acquire 63.31% of the equity of SOE and acquire the balance after three years’ time.
The deal is seen as a major strategic capital operation following CIMC’s acquisition of Nanjing Yangzi Petrochemical Design Engineering Company, Sichuan Jinke cryogenic equipment Engineering Co., Ltd., and Liaoning Harbin Cryogenic Gas Liquefaction Equipment Co., Ltd., in the field of domestic energy equipment.
Mai Boliang, President of CIMC, explained the project was a good start of cooperation with the Chunhe Group and that the two groups will have increasing cooperation opportunities in the future.
He also noted not only his belief that SOE will have very bright development prospects in the future, but also that the acquisition will help CIMC Enric expedite the construction of sea-land integrated gas equipment manufacturing and engineering service capabilities. This will enhance the company’s overall competitive advantage, and has a ‘far-reaching strategic significance’ for the future development of CIMC Enric.
With an office based in Shanghai and production base located in Qidong in Jiangsu province, SOE is specialised in providing fully integrated solutions from tanks and handling systems to complete vessel construction, and in the development of C-type tanks for LPG/LEG/LNG transportation.
The company also builds gas plants and manufactures offshore cranes destined for use on platforms, drilling rigs and floating crane vessels.