On December 20, Offshore Oil Engineering Co., Ltd. (hereinafter referred to as “COOEC”) issued an investment announcement for a new professional pipe-laying vessel.
The announcement disclosed that COOEC’s branch, Offshore Oil Engineering Installation Branch (hereinafter referred to as the “Installation Branch”), plans to build a professional pipe-laying vessel. The total estimated investment of the project (including value-added tax) is RMB 1.375 billion (about $188 million). The entire investment in the project is COOEC’s own funds and the vessel is scheduled to be delivered and put into use in June 2028.
According to the announcement, on December 18, COOEC held the seventh meeting of the eighth board of directors and reviewed and approved the “Proposal on the Construction of a Professional Pipe-Laying Vessel”.
COOEC said that the smooth implementation of the project will help strengthen the domestic oil and gas reserve and production increase service guarantee capabilities, solidly promote the replacement of COOEC’s old equipment and the international development of major marine equipment, enhance the guarantee of its own equipment resources and market competitiveness, and improve the submarine pipeline laying service capabilities.