On February 24, Bestway Marine & Energy Technology Co., Ltd. (hereinafter referred to as “Bestway Marine & Energy Technology”) issued an “Announcement on the Signing of Daily Related Party Transaction Contracts by Wholly-Owned Subsidiary.”
The announcement disclosed that Jiangsu Dajin Heavy Industry, a wholly-owned subsidiary of Bestway Marine & Energy Technology, plans to sign a “Section Fabrication, General Assembly, Equipment Installation, and Commissioning Contract for a 200-Person Jack-up Living Platform (DJHC8006)” with Qinshi Jiamei Energy Technology (Nantong). The total contract value is RMB 57.5 million. Dajin Heavy Industry will be responsible for procuring the relevant construction materials, equipment, and facilities, while Qinshi Jiamei is responsible for the construction, installation, and testing.
The construction includes: cutting of all main hull materials, cold and hot processing, prefabrication, steel structure welding, unit assembly, tightness test, non-destructive testing, precision control testing, coating, block assembly, pile boot treatment and positioning, fabrication of crane shelves and hook boxes, installation and commissioning of equipment, until the platform meets the delivery conditions.
Bestway Marine & Energy Technology indicated that the transaction will help expand the company’s business in the field of offshore engineering equipment, optimize the industrial structure and meet the market demand, and will not have a significant impact on the company’s financial position and operating results. The transaction constitutes a connected transaction as Qinshi Jiamei Energy Technology (Nantong) is an enterprise controlled by He Xudong, the actual controller and chairman of the board of directors of the company.
Founded on November 15, 2022, Qinshi Jiamei Energy Technology (Nantong) is located in Tongzhou Bay Demonstration Zone, Nantong City, Jiangsu Province. The area is bordered by the sea on two sides and has good shoreline resources. The company specializes in ship block construction, offshore wind power equipment manufacturing, construction of offshore modules and large steel structures, and has relevant construction experience.
Shanghai Bestway Marine Engineering Design was established in January 2001. In May 2016, the company name was changed from “Shanghai Bestway Marine Engineering Design Co., Ltd.” to “Bestway Marine & Energy Technology Co., Ltd.”. The product linedesigned by the company includes chemical vessel, off-shoremodules, pipe laying vessel, liquid sulphur vessel, liquidasphaltum vessel, large scale sea-going pusher, sea-goingtug and 54,500 DWT bulk carrier complied with latest commonstructural rule (CSR), different kind of transportation ship, special type vessel, sea engineering vessel and militaryauxiliary ship etc, which are operated across China andexported to Sweden, Denmark, Norway, the Netherlands,Belgium, Canada, USA, Singapore and Japan etc.