Halter and Yantai Shipyards Form Joint Venture to Build Marine Vessels and Rigs in China.GULFPORT, Miss.--(BUSINESS WIRE)--May 4, 1998--Halter Marine Inc. a subsidiary of Halter halter the simplest form of restraint for the head of farm animals. Comprises a poll strap, a nose band and a halter shank that brings the ends of the nose band together under the mandible. Made of leather or cotton or manila rope. Marine Group, Inc. (AMEX AMEX See: American Stock Exchange :HLX HLX Hapag Lloyd Express (German airline) HLX High Luxury ) and Yantai Raffles Shipyard Yantai Raffles Shipyard is an offshore and marine fabrication specialist. It was listed on the Oslo OTC system in Norway in May 2006. In 1994, Brian Chang founded Yantai Raffles which is located in Yantai, Shandong Province, China. Co., Ltd., and Yantai Taisun Shipbuilding Co. Ltd., (collectively "Yantai Shipyards") have formed Halter-Yantai Raffles International Raffles International is a Singapore-based hotel chain in the Raffles Holdings group, which is in turn owned by Los-Angeles, CA based Colony Capital, LLC. The group manages two brands of hotels under their arm, Raffles and Swissôtel, with 41 hotels and resorts in 35 destinations, , a joint venture to market and build marine vessels in Yantai Shipyards in Yantai, China. Halter-Yantai Raffles will market offshore drilling Offshore drilling typically refers to the act of extracting resources, primarily oil, in an ocean or lake. Controversy As with all oil drilling, there has been a certain level of controversy surrounding the issue. rigs, platform supply vessels Platform supply vessel (often abbreviated as PSV) is a ship specially designed to supply offshore oil platforms. These ships range from 65 to 350 feet in length and accomplish a variety of tasks. , anchor handling tug/supply vessels, utility vessels, tug boats, production units, multi-service vessels and pipelaying/derrick barges for delivery worldwide. The announcement was made by John Dane III, chairman, president and chief executive officer of Halter Marine Group, Inc. who said, "Halter is committed to achieving global leadership in the construction of marine equipment, and this joint venture is integral to our strategy for accomplishing that goal. Our customers have global operations Global Operations is a first-person shooter computer game developed by Barking Dog Studios and published by both Crave Entertainment and Electronic Arts. It was released in March of 2002, following its public multiplayer beta version which contained only the Quebec map. and they will be building a portion of their fleets of vessels and rigs in yards outside of the U.S. We are positioning ourselves to service these worldwide requirements." The majority interest in Yantai is owned by Brian Chang, a Singapore national who was founder and former president of Promet in Singapore. Under Chang's leadership, Promet became one of the leading manufacturers of rigs in the world. "We are fortunate to have Brian Chang as a partner. His vast experience in the rig and vessel construction business, combined with his reputation in the international business community makes him an ideal partner." It is contemplated that Halter will serve as the prime contractor on projects undertaken by the joint venture and will enter into construction subcontracts with Yantai. Halter will provide on site engineering, technical and program management support to Yantai. In addition, Halter has committed to purchase a minority interest in the Yantai yards. Yantai Shipyard is located on the island of Zhifu, part of the city of Yantai, Sandong in northeast China Northeast China (Simplified Chinese: 中国东北; Traditional Chinese: 中國東北; Pinyin: . The yard covers 555,000 square meters Noun 1. square meter - a centare is 1/100th of an are centare, square metre area unit, square measure - a system of units used to measure areas and occupies 1,100 meters of coastline. It is equipped with eight 1,000 ton capacity shipways connected to a single shipway and a 205 meter long, 45 meter wide and eight meter deep graving dock. The shipyard's existing facilities give it the capacity to build an equivalent of 20 tug/supply vessels per year or four rigs per year. A significant capital improvement program is underway now, and when completed, Yantai will be one of the most modern shipyards in the world with one of the world's largest graving docks. With the availability of labor in the Yantai area and the support of Halter, Yantai's world class facilities will be able to produce multiple boat, drilling rig, and production unit projects simultaneously. Yantai currently employs over 1,000 with an increase of up to a total of 2,000 workers planned by the end of 1999. The moderate weather allows Yantai to be operational year round, with only about 10 to 12 days per year lost due to unfavorable weather. With weather conditions less severe than those in Japan or Korea, Yantai has an advantage over competitors in those countries. Yantai's competitive advantage will further increase when the current infrastructure improvement program is completed. Yantai's vessels are designed, built and outfitted to meet the criteria of major international classification societies including the American Bureau of Shipping The American Bureau of Shipping (ABS) is a classification society. At the end of 2006, ABS was the third largest class society with a classed fleet of over 10,000 commercial vessels and offshore facilities. (ABS), Bureau Veritas an institution, in the interest of maritime underwriters, for the survey and rating of vessels all over the world. It was founded in Belgium in 1828, removed to Paris in 1830, and reëstablished in Brussels in 1870. See also: Bureau , Nippon Kaiji Kyokai, Lloyds Register and China Classification Society. Dane emphasized that Halter-Yantai Raffles venture will not take away business that might otherwise go to Halter's U. S. shipyards saying, "Our new China joint venture will capture some of the business that was going overseas anyway, and additionally, we will be able to complete the outfitting in our U.S. yards of drilling rig hulls built in the Yantai Shipyards." Robert Fogal, senior vice-president of marketing and business development of TDI-HALTER L. P. will be the senior marketing officer of the joint venture. Halter Marine Group, Inc. includes 21 shipyards in Texas, Louisiana, Mississippi, and Florida. The company specializes in the design, construction, conversion and repair of a wide variety of vessels and mobile offshore rigs and engineered products for energy, commercial, government/military and pleasure boat markets. Halter shipyards have built more than 2,600 vessels in the past 40 years. CONTACT: Halter Marine Group, Gulfport Rick S. Rees or Robert Fogal, 713/627-1115 http://www.haltermarine |
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