Overview

China Eximbank lends RMB 500 million to Rongsheng Offshore & Marine Pte. Ltd. for 1+1 jack-up oil rig project

Commitments (Constant USD, 2023)$85,899,633

Commitment Year•2012Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 21, 2012

Start (actual): Oct 21, 2012

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

Joint Venture/Special Purpose Vehicles

Rongsheng Offshore & Marine Pte. Ltd. (RSOM)

Implementing agencies

State-owned companies

Shanghai Waigaoqiao Shipbuilding Co., Ltd. (SWS)

Loan description

China Eximbank lends RMB 500 million to Rongsheng Offshore & Marine Pte. Ltd. for 1+1 jack-up oil rig project

Interest type•Unknown

Narrative

Full Description

Project narrative

On October, 21, 2012, Rongsheng Offshore & Marine Pte. Ltd. (RSOM), a special purpose vehicle and wholly-owned subsidiary of China Rongsheng Heavy Industries (RSHI) incorporated in Singapore, announced that it had agreed to terms with China Eximbank on an RMB 500 million loan to help finance an engineering, procurement, and construction contract for the construction of a drilling-assisted, 2,000-meter deep-water tender barge (1+1 jack-up oil rig). The terms of the loan are unclear. The barge has a maximum working depth of 6,562 feet and drilling depth of 19,685 feet. The tender barge meets the global requirements of oil drilling operations in mild-temperature waters. The 1+1 jack-up oil rig will be constructed and imported from Shanghai Shipyard (Shanghai Waigaoqiao Shipbuilding Co Ltd.).

Staff comments

1. The Chinese project title is "为上海船厂出口新加坡的1艘钻井船项目".