Shanghai Zhenhua Heavy Industry, China’s largest port equipment maker, has signed a US$2.2 billion supply contract with the Hong Kong branch of the Spanish firm Arborec Desarrollos Sociedad Anonima (a name to conjure with).
The Shanghai-listed enterprise will supply ten offshore drilling platforms, seven land drilling rigs and two floating cranes in the largest deal of its kind in China to date.
Zhou Jichang, chairman of China Communications Construction, the parent of Shanghai Zhenhua Heavy Industry, said that the sale represents the company’s first step towards entering the global marine engineering market.
CargoNews Asia reports that Shanghai Zhenhua, which was formerly known as Shanghai Zhenhua Port Machinery, has seven production bases located in Shanghai, Nantong and Jiangyin and owns 26 ships whose carrying capacities range from 60,000 to 100,000 tons.
The firm’s container crane business, which has 78% of the global market, accounted for 72% of the firm’s total revenue last year.