McDermott signs JV for China facility

A J. Ray McDermott subsidiary has entered into a joint venture with a subsidiary of state-owned China Shipbuilding Industry Corp. (CSIC).

Offshore staff

HOUSTON -- A J. Ray McDermott subsidiary has entered into a joint venture with a subsidiary of state-owned China Shipbuilding Industry Corp. (CSIC).

The joint venture company, called Qingdao McDermott Wuchuan Offshore Engineering Co. Ltd., plans to establish a new 111-acre fabrication facility in HaiXiWan, Qingdao, Shandong, China.

This facility is anticipated to be adjacent to two new CSIC shipyards: Qingdao Wuchuan Heavy Industry Co. Ltd. (J. Ray's joint venture partner) and Qingdao Beihai Shipbuilding Heavy Industry Co. Ltd. In this developing area, CSIC has one floating dock and five dry docks capable of accommodating vessels up to 500,000 dwt. McDermott Wuchuan anticipates focusing its business on FPSO construction and integration.

06/06/2008

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