Jutal Offshore Oil Service Limited announced that the very substantial acquisition in relation to the acquisition of 70% equity interest in Penglai Jutal Offshore Engineering Heavy Industries Company Limited (“Penglai Jutal”) has been completed and the registration and record of the transfer of the 70% equity interest of Penglai Jutal, among other things, has been finished at Yantai Administration for Industry and Commerce (烟台市工商行政管理局) on 2 January 2018.
Penglai Jutal is located in Penglai City Economic-Technological Development Area in Yantai, Shandong province. Its factories are located in Bohai Bay and have a total area of approximately 630,000 m2. Penglai Jutal focuses on international offshore oil and gas equipment and engineering service sector. Penglai Jutal is principally engaged in designing, purchasing, manufacturing and debugging products such as onshore LNG modules, FPSO/FLNG related modules, offshore platform topside modules, conduit racks, offshore wind power, single mooring system and cranes as well as in the area of vessel transportation. It has earned high international reputation in respect of building large-scale conduit racks, large-scale onshore modules, crane and single mooring system.
The Acquisition will enable JUTAL to expand business which Penglai Jutal is skilled at and provide a fuller spectrum of services to its customers.