Hilong’s Subsidiary Acquires Pipe-Laying Vessel

Hilong Holding Limited announced that Hilong Marine Engineering (Hong Kong) Limited, a wholly owned subsidiary of the Group, will acquire an underwater pipe-lay barge from Zhenhua ZHPL3 Limited at a purchase price of US$163.6 million.

Zhenhua ZHPL3 Limited is a subsidiary of Shanghai Zhenhua Heavy Industry Co., Ltd. The aforesaid vessel is a pipe-lay barge with pipe-lay capacity of 8-300 meters underwater, and is able to lay pipes with a diameter of 6-60 inches (including the coating layer). The vessel has expected maximum hoisting capacity of 3,000 tonnes at 30 meters at stationary hoisting position and 2,000 tonnes at 35 meters at full circle swinging position. The main technical parameters of the vessel, including full-load displacement, maximum operating water depth and maximum lifting capacity, are at the leading level in the PRC and are also competitive in Asian market.

Mr. Zhang Jun, Chairman and Chief Executive Officer of Hilong, said: “Entering into offshore oilfield services is in line with the trend in the global energy industry as well as the future energy strategy and industrial policies as stated in the PRC National Twelfth Five-Year Plan. The Company’s selection of pipe-laying business as its starting point to march into offshore oilfield services sufficiently utilizes the Group’s existing technological advantages in high-end pipeline coating services, particularly Corrosion Resistant Alloy Line Pipe and Concrete Weighted Coating, and is expected to bring product-service synergy effect from the beginning of the new business. On such basis, manufacturing and laying of the subsea pipeline, as an important part of offshore pipe network engineering, will lay a solid foundation for the Group to further extend and integrate its industrial chain in such business, and to ultimately provide Engineering Procurement Construction Services. The Board and the management of Hilong believe that the purchase of the vessel is logical and viable while the early market entry will provide the Group with long-term stable growth impetus.”

Press Release, December 31, 2013; Image: Hilong

 

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