In Conversation with Brian Chang – Chairman of Yantai Raffles Shipyard

“The way semi-submersible drilling rigs are being built today is still largely based on small block assembly and has not progressed much over the past 50 years. The rigs are typically constructed 40 metres above ground which require significant manpower resources and at the same time pose safety concerns for the workers. We will be revolutionising the rig building method when our new 20,000-tonne gantry crane becomes operationally ready in the next couple of months,” explains Mr Brian Chang, chairman of Yantai Raffles Shipyard (YRS) in a video conference call from Yantai in China’s Shandong province.

Having successfully raised net proceeds of USD 160 million in May last year through the Oslo OTC system, the only majority-foreign owned yard in China has been investing its capital in the latest technologies and facilities in the quest to become the lowest cost shipbuilder. Its latest addition, the largest crane ever, will enable the yard to fix the entire outfitted deck box of a semi-submersible rig onto its hull/pontoons in a singe operation. With 11 drilling rig orders under its belt, customers including Awilco Offshore, Remedial Cyprus, Frigstad Discoverer Invest and Consafe are seemingly confident of this new construction technique. And to provide greater certainty in its funding needs for future projects, the yard inked a strategic cooperation agreement amounting to USD 153 million with China Construction Bank last December.

This is only an excerpt of In Conversation with Brian Chang – Chairman of Yantai Raffles Shipyard

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