CIMC Raffles and CPOE strategically cooperate to exploit the market for deep-water drilling and test mining of gas hydrate

Yantai CIMC Raffles Offshore Limited (CIMC Raffles) and CNPC Offshore Engineering Company Limited (CPOE) entered into a strategic cooperation agreement at Yantai. Peng Fei, CPOE’s Deputy General Manager, Wang Jianzhong, CIMC Raffles’ President, Liu Yanjia, CIMC Raffles’ Vice President, and other top leaders were present at the meeting. The agreement stated that with CPOE giving full play to its general contract advantage and CIMC making best use of its advantages in the design, manufacturing, operation and management of equipment, the two sides will jointly promote the exploitation and development of businesses on global deep-water drilling markets and test mining of natural gas hydrate (flammable ice) in South China Sea, and explore multiple cooperation abilities and expand domestic and overseas offshore engineering businesses. 

The two sides reviewed their cooperation in multiple fields over the years. Since 2013, CIMC Raffles has provided the maintenance and reconstruction service for “CPOE #61 platform” and “CPOE #10 platform”, and built and delivered the “CPOE #15 Jack-up Drilling Platform”. In August 2016, the two sides entered into the Deep-water Drilling Platform Technical Service Contract. With CPOE’s general contracting ability and CIMC Raffles’ amazing performance during the construction of Blue Whale One, the two sides have ensured the success of the test mining of gas hydrate in South China Sea. At the agreement-signing ceremony, CPOE awarded a silk banner to CIMC Raffles in recognition of its significant contribution to the national project of test mining of gas hydrate. 

CPOOE said that the signing of the agreement marks a new start for mutual cooperation. Both companies should seize the historic opportunity of test mining of gas hydrate, give full play to respective advantages, achieve the sharing of resources, complementation of each other and win-win cooperation, deeply exploit domestic and overseas offshore engineering business, and jointly promote the development of offshore engineering undertaking. 

CIMC Raffles noted that a long-term communication mechanism should be established. The two sides should work closely to achieve mutual development. CIMC Raffles will be giving full play to its advantage in high-end offshore engineering equipment and contribute more to the mining of gas hydrate in South China Sea and to the exploitation of global deep-water markets.