COSCO subsidiary signs strategic cooperation deal for oil and gas projects

COSCO Shipping Marine Engineering, a subsidiary of COSCO Shipping International Singapore, has entered into a non-binding tripartite strategic cooperation agreement with Union Steel Holdings and China Offshore Engineering Solutions (COES).

In a statement, the three companies said they will leverage their respective competitive strengths and business networks to collaborate on pursuing and executing oil and gas projects in the region. Potential projects may include offshore platform construction and decommissioning in Southeast Asia, international ocean towing, and heavy lift transportation by semisubmersible vessels.

Union Steel is a Singapore-listed holding company with business in engineering and equipment for the offshore and marine industries. On the other hand, COES is the state-owned international offshore marine construction arm of the Chinese Government's Ministry of Transport and specialises in salvage and wreck removal.

COSCO Shipping International stated that the signing of the agreement is not expected to have a material impact on its earnings per share for the financial year ending December 31, 2025.