Yantai Raffles Offshore acquires Sanlian Longkou shipyard

Yantai Raffles Offshore Ltd. has acquired Sanlian Longkou shipyard in Shandong, China, for $43 million.

Offshore staff

YANTAI, China -- Yantai Raffles Offshore Ltd. has acquired Sanlian Longkou shipyard in Shandong, China, for $43 million.

“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,” says Brian Chang, deputy chairman of Yantai Raffles. “Our long-term plan is to become the number one supplier of jackup drilling rigs in the world within the next three to five years.”

The acquisition is subject to required regulatory approvals.

11/03/2009

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