25th November 2007 is a memorable date for Wuhan Marine Equipment Industrial Park in Wuhan, Hubei in China (WMEIP) entering the next stage being ready to serve customers both already in and entering the park. Highly ranked Chinese and Norwegian Government officials, headed by Party Secretary and Governor of Hubei Province Mr. Lou Qingquan, Chief of State National Defense & Science Industry Ministry Mr. Zhang Xiangmu, Consul General of Norway Mr. Fred Nomme, and head the joint venture partners, marked this special event, gathering over 500 people from different parts of the world within the marine and shipping industry. The industrial park aims to be the leading industrial park in China in the marine equipment business, offering high quality service and modern technology environment.
During the opening ceremony, WMEIP and The Export and Import Bank of China signed a framework agreement authorizing WMEIP to borrow up to a limit of RMB2 billion (about $300 million).
Background information:
Wuhan Hi-Tech State Holding Group Co. (50%), China Changjiang National Shipping (Group) Corp. (25%), and I.M. Skaugen ASA (25%) created this joint venture together. The joint venture company is established to develop and manage the industrial park and has licenses to commence operations. It has also received full support from the provincial government with various tax preferential policies to the companies establishing business in the park. The company will perform park planning and development as well as property management, construction of facilities and provide training, consultancy services and assistance for establishment of new entities. The park will offer "one-stop" services to investors setting up business in this park. The first customers have already entered the park.
The concept of a marine equipment industry park in Hubei was initiated during a visit by the Governor H.E Luo Qingquan of the Hubei Province to Norway and on the invitation of the Norwegian Minister of Trade and Industry; Mr Borge Brende in the spring of 2005. The industry park will promote development of the shipbuilding industry in Hubei, enhance the manufacturing level of marine related equipment in China for ships, bringing advanced domestic and international marine equipment manufacturers into Hubei Province, and to make the Marine Industrial Park as a manufacturing, sales and service base of the key marine equipment; this in order to satisfy the development demand of the rapidly growing shipbuilding industry of China.
Contact details of WMEIP: Ms. Sarah Tan (Telephone: (86) 27 5973 1260 or
Email: sarah.tan@skaugen.cn)
I.M. Skaugen ASA
If you have any questions, please contact:
Bente Flø, Chief Financial Officer, on telephone +47 23 12 03 30/+47 91 64 56 08 or by e-mail: bente.flo@skaugen.com. This press release is also available on the Internet at our website: http://www.skaugen.com.
Listed on the Oslo Stock Exchange, I.M. Skaugen ASA (IMSK) - www.skaugen.com - is a Marine Transportation Service Company engaged in the hassle free transportation of petrochemical gases and LPG, ship-to-ship transfer of crude oil and LNG, as well as the design and construction of smaller and specialized high quality marine vessels.
IMSK is a fully integrated shipping company that designs, builds, owns, mans and manages our own ships. IMSK customers are major international companies in the oil and petrochemical industry, whom we serve worldwide from our operations in Dubai (UAE), Freeport and Houston (Texas), Oslo (Norway), Singapore Sunderland (UK), Nanjing, Shanghai, Taizhou, Zhangjiagang and Wuhan (China). IMSK operates recruitment and training programmes in St. Petersburg (Russia) and Wuhan (China) for the crewing of vessels.
IMSK employs approx. 1,500 people and currently operates 44 vessels worldwide. The fleet comprises petrochemical gas and LPG carriers, Aframax tankers, vessels and barges for the transportation of gases on the Yangtze River (China) and a small number of workboats for Skaugen PetroTrans (SPT).
IMSK has a comprehensive newbuilding project in China where it has one LPG vessels of three 3,200 cbm; three purpose designed combination carriers with LPG/Ethylene/VCM and Organic chemicals carrying capability and up to ten advanced 10,000-12,000 cbm LNG/LPG/Ethylene gas carriers are on order for Norgas for delivery from beginning 2007 and onwards. IMSK has invested in infrastructure with both a shipyard and a cargo plant maker in China to ensure innovative and flexible vessels at low cost. Six new, purpose designed and built "Aframax sized tankers", are on order for delivery to SPT on a long term Bareboat charter and for delivery from May 2007 until spring 2008.