China Offshore Oil Engineering Co’s (COOEC) subsea division is to invest around $230million in a deepwater multi-purpose subsea services support vessel.
In a brief statement filed to the Shanghai Stock Exchange, COOEC said that COOEC Subsea Technology will come up with the entire investment for the new vessel.
As far as can be ascertained, an order for the vessel has not yet been made.
In early July, COOEC, a subsidiary of China National Offshore Oil Corp (CNOOC), entered into a three-year collaboration with Singapore’s Vallianz Holdings, which will provide OSVs to COOEC to support its offshore construction activities.
The planned investment is yet more evidence that Asia-Pac business interests are eyeing the global subsea construction market, much of which has been the preserve of European companies for many years.
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