JES International secures first newbuild contract for a PSV
Mainboard-listed JES International Holdings Limited (“JES” or the “Group”), a major shipbuilding group based in the PRC, is pleased to announce that it has entered into a shipbuilding contract for one unit of UT 755 LN Platform Support Vessel through its wholly owned subsidiaries JES Universal Co. Private Limited and Jiangsu Eastern Heavy Industry Co. Ltd., the Group press release said.
The contract is the Group’s first in its history of more than 30 years for the construction of an offshore support vessel and is representative of the Group’s expansion from building commercial shipping vessels to constructing more complicated and sophisticated offshore support vessels. Secured from a new customer based in Norway, delivery of the vessel is expected to take place at the end of FY2014.
“As the shipping industry remains in the doldrums, it is part of the Group’s strategy to maximise, enhance, and leverage on our capabilities to explore growth opportunities beyond the commercial shipbuilding industry into the more robust offshore oil and gas sector to enhance shareholders’ value.” Mr. Jin Xin, Chairman and Chief Executive Officer, JES.
ABOUT JES INTERNATIONAL HOLDINGS LIMITED
Listed on the SGX Mainboard since 2007, JES International Holdings Limited (“JES”) is a major PRC shipbuilding group with more than 30 years of history. Its principal products, which are ISO 9001:2000 certified, include bulk carriers, oil tankers, containerships and ocean engineering vessels. The Group operates from its shipyard located at Shiwei Port, Jingjiang City, Jiangsu Province, PRC, which features a 1,800 metre long coastline with access to deepwater and stable currents. Covering an area of 804,000 square meters, the shipyard is equipped with facilities encompassing every stage of the shipbuilding process and is able to produce different types of vessels within the 500,000 deadweight tonnes (DWT) range. The Group has an estimated annual shipbuilding capacity of 2 million DWT. Backed by a proven track record and technical expertise, JES will continue on its pursuit of excellence within the traditional shipbuilding industry, while remaining vigilant to growth opportunities beyond this sphere.
