China International Marine Containers’ (CIMC’s) subsidiary, CIMC Enric, plans to acquire Nantong Sinopacific Offshore & Engineering (SOE) from Jiangsu Sinopacific Shipbuilding Group.
On 15 August, CIMC Enric has put forward memorandums of understanding to Sinopacific Shipbuilding and Evergreen Holding Group to acquire all stake in SOE, a stock filing of CIMC Enric said.
Evergreen Holding is the parent company of Sinopacific Shipbuilding.
“CIMC Enric believes that LNG marine storage and transport industry and marine oil and gas module industry have faced challenges in the short term, but remain bullish in the long term. The target company is leading and has track record performance in design and manufacturing capability for Type C gas tank; production, design, manufacturing, and delivery capability of liquid cargo handling system for small and mid-size LEG/LPG/LNG carriers, and capability of complete vessel construction, and production, design, and manufacturing capability for marine oil and gas module,” the company said.
“It shall be complementary and synergistic to the company’s existing businesses. In line with the company’s development strategy to expand in industry chain for natural gas equipment and services from onshore to offshore and from downstream to upstream,” it added. The deal will facilitate the company in building its integrated capabilities for purification, liquefaction, storage, and transportation of natural gas both onshore and offshore.