China Merchants Offshore Engineering (Shenzhen), the offshore equipment and specialized ships construction and operation arm of CMIH, has inked a capital increase and project expansion cooperation agreement with Daishan government in Zhoushan.
According to the agreement, China Merchants Offshore Engineering will upgrade the current shipyard facility of Zhejiang Yiu Lian Dockyards and develop it to be a base for luxury cruise ship repair. The total project investment will be nearly RMB700m.
‘The service ability and industrial environment of Daishan is a great opportunity for us to develop the cruise ship repair business,’ said Yao Rulin, deputy general manager of CMIH.
Zhejiang Yiulian Dockyards, formerly known as Zhejiang Dongbang Shipbuilding and Shiprepair, was acquired and restructured by CMIH in 2018 and then changed its name to Yiu Lian Dockyards. CMIH holds an 88% stake in the facility.