CMIC WON THE OFFSHORE KEY EQUIPMENT SYSTEM ORDERS OF APPROXIMATELY RMB156 MILLION

HONG KONG, July 21, 2022 /PRNewswire/ -- On 18 July 2022, CMIC and CTW (Tianjin) Offshore Engineering Co., Ltd. ("CTW") held the ceremony for signing of a strategic cooperation framework agreement and supply of 4 units of jacking systems to CTW. The strategic cooperation framework provides the basis of cooperation for the construction of liftboats, to jointly develop front-end customer resources, provide better services for the back-end operations and for the further development of the maintenance service market.

CTW is a private company in the business of marine engineering technology research, consultation and services and marine engineering equipment manufacturing, sales and rental services, and is mainly engaged in the design, manufacture supervision and marketing of self-jacking system & self-propelled units. CTW is one of three companies in the world that have full design capacities for self-jacking system & self-propelled units. CTW has been widely praised by customers and recognized by the market with continuous orders in recent years due to its outstanding product design concept and performance.

CMIC has a sound track record of cooperation with CTW. 2 complete sets of LIFTBOAT jacking systems have already been delivered by CMIC to CTW in the first half of this year. The total contractual amount of the 6 complete sets of LIFTBOAT jacking systems is RMB156 million（approximately USD23.1 million） which includes both the 2 sets already delivered and the 4 new sets signed this time. In addition to the above 6 sets, both parties have agreed to sign 2 more complete sets of LIFTBOAT jacking systems and electrical control systems. All orders are for overseas ship-owners. In the future, the cooperation between the parties will focus on further enhancing product technologies, accelerating delivery and improving after-sales services, etc.

In the past years, CTW has carried out proactive advancements in the offshore oil and gas and wind power markets, which has demonstrated its strong market operation capability. With its long history in the offshore engineering and energy industries, CMIC has strong equipment design and manufacturing strength, sound market and customer network and rich operation and maintenance experience in the fields of oil and gas and offshore wind power. Leveraging on this strategic cooperation, CMIC and CTW will seek for joint development in the future through leveraging on their respective resource advantages, features and jointly provide better products and services for the offshore oil and gas and wind power markets on the principal of "synergy and collaboration with mutual benefits".

About CMIC

CMIC Ocean En-tech is a leading technology company providing complete engineering, manufacturing and integrated solutions to clients in both onshore and offshore oil and gas, offshore wind and hydrogen sectors.  CMIC is also in the business of investing in energy sectors including the renewable energy sector.   Established in 1995, CMIC has a large global footprint and operations to serve clients in the energy sector worldwide. CMIC is registered in the Cayman Island and its stocks are traded in the Hong Kong Stock Exchanges (206.HK).

SOURCE CMIC Ocean En-Tech Holding Co.,Ltd.