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Sinoocean delivers its first project Asian Endeavour 1

Sinoocean     2019-08-05         

The CJ46 Offshore Jacking Rig Project, operated by Sinoocean Offshore Assets Management Limited (Sinoocean), was officially delivered on August 2nd at the offshore base of Shanghai Waigaoqiao Shipbuilding, a subsidiary enterprise of China State Shipbuilding Corporation (CSSC). Li Bing, head of SASAC’s Bureau of Capital Operation and Returns Management, Zhu Bixin, Chairman of China Chengtong, and Lv Bo, Vice President of China National Offshore Oil Corporation (CNOOC) gave speeches at the ceremony.

The project’s name, “ASIAN ENDEAVOUR 1”, was announced by CSSC’s General Accountant Jia Haiying. It marked the very first successful asset disposal project delivery of Sinoocean merely three months after the company’s establishment.

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As a central state-owned enterprises’ (SOEs) offshore assets management platform, Sinoocean is dedicated to helping SOEs reduce excess inventory and overcome difficulties, and promote the restructuring and upgrading of China’s offshore industry. Sinoocean has made breakthroughs in team building, business model research, and business promotion since it opened for business on April 24th, 2019.

The project has a significant demonstration effect. It suggests that the method of transferring inventory offshore assets in batches and organising and disposing them with unified management has proven to be effective in lifting offshore equipment manufacturing enterprise out of difficulties and promoting their development. Meanwhile, through cooperation on the project, CNOOC, CSSC and other central SOEs have established mutual trust, enabling efficient and high-quality technology transfer and contracts signing in merely two months’ time. With joint efforts, Sinoocean has obtained equipment certificates, and completed offshore platform classification, and other 1,400 adaptations and remaining tasks, which set up a new benchmark in the field of offshore industry. What’s more, Sinoocean has gained rich experiences for future reference in the course of innovation and exploration, which laid a solid foundation for the following assets disposal work.

Li Bing, head of SASAC’s Bureau of Capital Operation and Returns Management, acknowledged the progress made since Sinoocean’s establishment, and hoped Sinoocean perform its duties, give full play to its advantages, strengthen policy research, explore new approaches, and achieve more successes. Lv Bo, Vice President of CNOOC, said that CNOOC will continue to provide all-round supports for Sinoocean, whose resources will be shared as supplement to CNOOC’s oilfield business, and provide business promotion channels in both domestic and overseas markets, and create more opportunities for Sinoocean.

Zhu Bixin, Chairman of China Chengtong, expressed his appreciation to the hard work and achievements of Sinoocean. He said that China Chengtong, as the state-owned capital operation platform, will support the founding of offshore assets management fund, assist Sinoocean to shoulder its responsibilities and live up to the expectations of SASAC and all shareholders. China Chengtong will guide Sinoocean to play a greater part in central SOEs’ offshore assets management and offshore industry optimization and restructuring, and contribute more to the reform of state-owned capital and SOEs.

After the ceremony, Sinoocean signed the asset transfer framework agreement and the entrusted operation agreement with CSSC; signed the platform leasing agreement with China Oilfield Services Limited.

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It is reported that the CJ46 Offshore Jacking Rig has been certified by the American Bureau of Shipping. Its length is 69.125 meters, its width is 62 meters, the length of legs is 147.4 meters, the light weight of the ship is 11,407 tons, and the living area capacity is 120 people, with an advanced comprehensive performance. The Jacking Rig will be towed to Indonesia and other “Belt and Road” countries in early August for the “2+2” annual operation contract.

Other delegates at the ceremony include Shanghai government officials, leadership from CCT Fund, China Oilfield Services Limited, Sinoocean, and the American Bureau of Shipping.

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