CIMC Offshore Co., a wholly-owned subsidiary of China International Marine Containers (CIMC) Co., intends to partner with Shenzhen Mangrove Venture Capital Co. and China Industrial International Trust Co. to jointly establish Tianjin Lanshui Offshore Partnership with total subscribed capital of US$794.4 million (RMB5.52 billion). CIMC Offshore contributing $1437 (RMB10,000) as a general partner and Shenzhen Mangrove and China Industrial Trust contributing $514 million (RMB3575 million) and $280.3 million (RMB1950 million) respectively as limited partners of Tianjin Lanshui, which has a duration of 5 years.
Purposes of the partnership is to engage in investment and services related to offshore engineering, and to generate investment returns for the partners. CIMC Offshore will carry out the Partnership’s affairs, and represent the Partnership regarding external affairs. From the day the Partnership receives the first installment of the capital contribution, CIMC Offshore will collect 0.01% of the total paid-in capital contribution from the partners as an annual management fee.
Upon the establishment of Tianjin Lanshui, CIMC Qianhai Financial Leasing (Shenzhen) Co. and Tianjin Yongwang Machinery and Equipment Leasing Co., both being wholly-owned subsidiaries of CIMC Co., intend to cooperate with Tianjin Lanshui on joint construction and operation of offshore platforms, including: Tianjin Lanshui and CIMC Qianhai Leasing to contribute additional capital into Tianjin Yongwang of $794.4 million (RMB5.52 billion) and $140.1 million (RMB974.9 million) respectively, holding 85% and 15% equity interest in the enlarged capital of Tianjin Yongwang; Tianjin Lanshui and CIMC Qianhai Leasing to jointly construct and operate, through Tianjin Yongwang, a D90 1# deepwater dual-rig semisubmersible drilling platform and a CR600 deepwater semisubmersible living platform.
D90 1# deepwater dual-rig semisubmersible drilling platform is 117m x 92.7m x118m, and has a maximum displacement of 70,000-tonnes. It is a 7th generation ultra-deepwater dual-rig semisubmersible drilling platform, equipped with DP3 dynamic positioning system and certified by Det Norske Veritas. It is rated for a maximum water depth of 12,000ft (3658m) and drilling depth of 50,000ft (15,250m).
The CR600 semisubmersible living platform is 106.45m x 68.9m, with a deck area of 2100sq m. It is equipped with 2x60MT deck cranes with DP3 dynamic positioning system, accommodation capacity of 600 dwellers, and a living area meeting the requirements of the American Bureau of Shipping (ABS). It is designed to operate in sea areas of Brazil, the Gulf of Mexico and West Africa; and has also considered the need for use at the UK North Sea.
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