The Chinese shipyard was acquired by Nantong Xiangyu Offshore Equipment, a joint venture between Xiamen Xiangyu Group, Nantong Wangzhe Shipbuilding, China Ocean Industry Group and a trust fund held by the three companies for CNY 576m ($83.8m), one-third of its original price of CNY 1.58bn when it was offered for sale at the end of 2015.
Xiangyu Nantong, a subsidiary of the Xiangyu Group in Xianmen, will be the major stakeholder in the Jiangsu-based shipyard with 36% of the shares.
