TSC Offshore Group Limited has entered into the Master Agreement with Yantai Raffles Shipyard Limited (YRS), regarding the sale of the Products (which include the Equipment and the Turnkey Projects) by the Company to YRS for the two years ending December 31, 2009.
Pursuant to the Master Agreement, the Directors expected that the Annual Caps for the Transaction for the two years ending December 31, 2009 will be approximately RMB 589 million and approximately RMB 1.028 million respectively. It is agreed that each sale and purchase of the Equipment and the Turnkey Project will be performed by the respective subsidiaries of the Company and YRS under separate contracts in accordance with the terms and conditions of the Master Agreement.
"The sale of the Products is another big progress that TSC has made in expanding our business and it will provide a stable source of revenue to the Company," said Mr Jiang Binghua, the Executive Chairman of TSC. "We will continue to focus on strengthening our product extension to capture the business opportunities arising from the continuous growth in the oil drilling industry."
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