Singapore-based COSCO Shipping Marine Engineering (CSME) has signed a non-binding strategic cooperation agreement with compatriot Union Steel Holdings and China Offshore Engineering Solutions (COES) to collaborate in executing oil and gas projects in the region.
As disclosed, the trio will work on projects such as offshore construction for oil and gas installation and construction projects, decommissioning of offshore platforms in Southeast Asia, international ocean towing and heavy lift transportation by semisubmersible vessels, among others.
CSME is a subsidiary of COSCO Shipping International (Singapore), which is ultimately controlled by China COSCO Shipping Corporation. CSME engages in ship repair and marine engineering activities, including annual inspection, ship store supply, fabrication work services, and production of outfitting components.
Union Steel is a multibusiness investment holding company, focusing on three core business activities: metals, scaffolding, and engineering. The company also produces engineering and deck equipment, primarily servicing the offshore and marine industries.
Also known as Shanghai Salvage Company, COES is the state-owned international offshore marine construction arm of the Chinese Government Ministry of Transport that specializes in salvage, wreck removal, oil recovery, marine environment protection, and other offshore construction engineering activities.
Another subsidiary of COSCO, Cosco Shipping Heavy Industry, recently sent off Yinson Production’s production, storage, and offloading (FPSO) vessel from its Shanghai shipyard. The unit will work with Azule Energy offshore Angola for 15 years with the option to stay up to five years longer.
The unit was towed for more than 10,000 nautical miles from China to Angola, reaching its destination in mid-May.