On August 22, 2016, TSC Group Holdings Limited (“TSC”) wholly owned subsidiary, EMER International Limited (“EMER”) secured a contract worth more than $4 million USD from CSSC Huangpu Wenchong Shipyard (“HPWS”) for TSC to provide three deck cranes. The cranes, which are to be delivered at the end of September, 2017 will be installed on a new-build Zentech, Inc. (“Zentech”) designed liftboat, under construction at HPWS.
The cranes, which are designed, developed and manufactured by TSC, are a high-end slew bearing type. With a capacity of 220 tonnes on the larger unit, and two smaller units at 70 tonnes each, the TSC slew bearing crane is at the top of its class. Although the drilling equipment market has been affected by suppressed oil prices, TSC has maintained its leading role in the domestic offshore crane market, having sold over a dozen cranes of this design over the past two years. The slew bearing design adds to TSC’s crane portfolio, which already features a line of kingpost type cranes. These two product lines allow TSC to offer custom solutions to its clients that meet the stringent requirements of offshore operating environments.
This contract is a significant milestone that will help to further strengthen the strategic alliance between TSC, Zentech and HPWS, and builds on the strong foundation established through TSC having provided a jack-up drilling package for the Zentech designed R-550D high specification 400 feet jack-up rig, under construction at HPWS. The TSC drilling package has received considerable praise from customers and has helped to further enhance TSC’s brand. With the ever changing energy landscape and new norm of low oil prices, this contract will help enhance the strategic alliance among the three companies so as to overcome the challenges from suppressed oil prices. TSC looks to work closely with its partners to continue providing industry leading solutions that provide strong value amid the new norm in the global oil and gas industry.