On september 29, 2011, China Rongsheng Heavy Industries Group Holdings Limited signed a contract with Shanghai NorthSea Shipping Co., Ltd. (NSS) for 1+1 Shuttle Tanker, which being regarded as another great achievement in expanding domestic market after establishing cooperative relationship with Minsheng Financial Leasing Co., Ltd. (MSFL) and China National Offshore Oil Corporation(CNOOC).

Shanghai NorthSea Shipping Co., Ltd. (NSS) is a joint-venture shipping company established on March 17, 1994. NSS mainly engages in offshore and coastal petroleum transportation. The shareholders of NSS are: CNOOC Gas Development and Utilization Company (owned by China National Offshore Oil Corporation), Shanghai Shipping (Group) Company (owned by China Shipping Group Company), Sinochem International Corporation (owned by Sinochem Group), and Hong Kong Silverbond Overseas Limited. After 17 years of rapid development, NSS has made remarkable achievements in fleet building, management and economic benefits. At present, the fleet size has been expanded to a carrying capacity of over 800,000 DWT.

Offshore engineering has broad market prospect accompanying with China’s gradually increased demand for deep sea oil and gas. As another profit growth point besides shipbuilding, offshore engineering development is now being speeded up by the Group. In the first half of the year, the 3000m deep water pipelaying crane vessel built for CNOOC by the Group was named and went on the trial voyage. Moreover, besides taking an active part in special bidding in the field, the Group is strenghtening its research in drilling ships and LNG.

According to the interim results announcement 2011 disclosed by the Group, up to June 30, 2011, the retained profits is 1.22 billion RMB, increasing 639% over the same period of time last year, while the operating income reaches 8.7 billion RMB, increasing 81.1%, and the gross profit rate increased greatly by 23.2%. orders for 109 ships is held with a total contract price of 6.75 billion US Dollars, ranking the first in China and the fifth in the world.