Singapore-based Ezion Holdings Ltd., a provider of liftboats & service rigs to the offshore oil and gas industry, disclosed Thursday that it has established a joint venture Sinomarine & Teras (Tianjin) Offshore Co., Ltd. with Sinotrans & CSC Holdings Co., Ltd. June 28 to tap business opportunities in the offshore wind farm energy market in China.
The joint venture firm will enable the integration of domestic requirements for the operations of service rigs in the Chinese offshore wind farm market and has received the backing of the Administration Commission of Tianjin Dongjiang Free Trade Port Zone.
China is rich in offshore wind energy resources, with more than 18,000 sea miles of coastline and 1.16 million square miles (3 million square kilometers) of useable sea area that offers broad development opportunities for offshore wind projects.
“We (Ezion) are honored to enter into a joint venture with Sinotrans & CSC Holdings Co., Ltd. for the formal establishment of Sinomarine & Teras (Tianjin) Offshore Co., Ltd. This successful establishment enables us to participate, share and apply our experience and expertise to the offshore wind farm energy market in China for which I am proud to be a part of,” Dr. Wang Kai Yuen, Ezion’s chairman said in a press release.
In a related development, Sinomarine & Teras signed a strategic cooperation agreement June 28 with China Huadian Corp. to support offshore wind power installation projects in China and expects to operate 2 service rigs for such projects by the end of 2016.