Yantai Raffles Shipyard, China Construction Bank Sign Strategic Deal

Yantai Raffles Shipyard Limited (YRS) said that it signed a Strategic Co-operation Agreement in the amount of RMB1.2billion (equivalent USD153 million) with China Construction Bank (CCB) on 19 December 2006.

Brian Chang, YRS Chairman, stated: "The signing of this agreement takes YRS's long and valued relationship with CCB to a new level. This agreement not only provides YRS with some certainty for possible funding requirements for future projects, but also demonstrate the confidence that CCB shares with us in our future."

Listed on the Oslo OTC Stock Exchange in Norway in May 2006, Singapore-based YRS specializes in Jack-up drilling rigs, semi-submersible drilling rigs, FPSO, offshore vessels and other units. The shipyard boasts state-of-the-art building facilities, which include a 20,000MT gantry crane that is due for completion in mid 2007.

CCB was successfully listed on the main board of the Stock Exchange of Hong Kong Limited on 27 October 2005, the first public listing of China's four largest state-owned commercial banks in the overseas market.