Yantai Raffles buys Sanlian Longkou Shipyard

Singapore-headquartered Yantai Raffles Offshore Ltd, a subsidiary of Yantai Raffles Shipyard Ltd, has paid RMB 291 million to acquire 100% equity interest in Sanlian Longkou Shipyard in Shandong Province, sources reported. The shipyard, which has an existing land area of more than 400,000 square meters, is expected to be one of the largest Jackup 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 Jackup drilling rigs in the world within the next three to five years.
Yantai Raffles Shipyard said last month that Executive Director Michael Sharp has completed his 3-year contract with the company. Sharp has resigned from the board effective Sep. 29, 2009, and would conclude his assignment with the company on Oct. 31, 2009.