| CIMC offshore unit posts maiden profit |
| CIMC Raffles Offshore, the offshore engineering unit of China International Marine Containers Group (CIMC), posted its first ever annual profit in 2014 since its establishment. The unit's profit totalled CNY5 million (USD806,400) in 2014, with revenues up 70% year on year to CNY11.9 billion, a stock filing of CIMC said today. In 2013, the unit posted a loss of CNY297 million. During 2014, the unit delivered a deepwater semisubmersible drilling rig and four jack-up drilling rigs. It also confirmed phased revenues as newbuilding projects entered mid-end building phases in 2014. Effective control of cost also contributed to the annual profit. As for 2014, the unit won new orders worth USD1.1 billion, bringing its orderbook to about USD5 billion, including orders for five semisubmersible drilling rigs. CIMC cautioned that 2015 will be a relatively tough year for offshore engineering industry due to plummeting global oil prices, overcapacity of various offshore engineering equipment, and reducing number of new orders. CIMC Raffles Offshore will try to secure high-quality orders in 2015 as it prepares contingency plan to prevent systemic risks, said CIMC. |