The joint venture company, Qingdao McDermott Wuchuan Offshore Engineering Company, plans to establish a new facility on over 111 acres in HaiXiWan, near Qingdao.
This new facility is anticipated to be strategically located adjacent to two new China Shipbuilding Industry Corporation (CSIC) shipyards including the Qingdao Wuchuan Heavy Industry and Qingdao Beihai Shipbuilding Heavy Industry.
In this developing area, CSIC has one floating dock and five dry docks capable of accommodating vessels up to 500,000 deadweight tons. McDermott Wuchuan anticipates focusing its business on floating, production, storage, off-loading (FPSO) vessel construction and integration.
Bob Deason, president and CEO of J Ray McDermott, said: FPSOs represent one of the fastest growing offshore construction segments in our industry today. China already commands a significant share of this market and has developed a proven project track record. Establishing this new joint venture focusing on FPSO’s will add a critical component to J Ray’s comprehensive business strategy.
