Titan Wind Energy Suzhou Company announced that a subsidiary of an international shipowner contracted its wholly owned offshore engineering unit to construct up to four 113,800 DWT crude oil tankers.
The transaction involves two firm orders alongside two optional vessels, carrying a total value of approximately CNY1.874 billion ($257.8 million).
The agreement allocates approximately CNY937 million for the two firm orders and an equal amount for the option vessels, which the buyer may confirm within 30 days of signing. Each tanker measures approximately 248.8 metres in length, 44 metres in beam, and 21.5 metres in depth, with deliveries scheduled in batches between 2028 and 2029.
Titan Wind Energy disclosed that payments will be made in instalments according to construction progress.
The identity of the shipowner was withheld under disclosure exemption rules, with the company confirming no similar transactions occurred between the two parties over the past three years.
Following previous projects involving floating production storage and offloading units and floating storage and offloading vessels, the transaction represents the firm's first order for this mainstream crude oil vessel type.
Titan Wind Energy noted that the order will further develop its dual offshore business structure covering offshore wind power equipment and oil and gas vessels.