Yantai Raffles buys compatriot shipyard

Singapore-headquartered Yantai Raffles Offshore Ltd, a subsidiary of Yantai Raffles Shipyard in China, has paid RMB 291 million to acquire 100% equity interest in Sanlian Longkou Shipyard in Shandong Province.

The shipyard, which has an existing land area of more than 400,000 m2, is expected to be one of the largest jack-up fabrication yards over the world.

The deal will help the firm to expand output capacity and improve efficiency, said Brian Chang, deputy chairman of Yantai Raffles, adding that the company expects to become the number one supplier of jack-up drilling rigs in the world within the next three to five years.