Yantai Raffles buys Chinese shipyard

3 November 2009

Yantai Raffles Shipyard Ltd, owner and operator of the world’s largest crane, the 20,000t capacity Taisun, has agreed to acquire 100% of the Sanlian Longkou shipyard in Shandong, China.

Sanlian Longkou offers 400,000 sq m of yard space, and will be built as one of the world’s largest jack-up fabrication yards, Yantai Raffles said. Yantai Raffles is to pay RMB291m (USD42.6m) for the shipyard. Completion of the acquisition is subject to the required regulatory approvals.

Yantai Raffles

Deputy chairman Brian Chang said: “We are delighted to announce the acquisition of Sanlian Longkou. Through this purchase we can expand our capacity, improve our efficiency and embark on delivering quality products to our customers at a competitive price and on time.

“Our long-term plan is to become the number one supplier of jack-up drilling rigs in the world within the next three to five years.”

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