Qidong, Jiangsu, May 29, 2015-A New Star in the Sky of Chinese Built Gas Tanks Innovation

We are pleased to announce the signing of a partnership agreement between Mr. Wang Shizhong, Chairman of Watts Gallop Group, and Jacques de Chateauvieux, Chairman and CEO of JACCAR Holdings covering the field of Engineering and Contracting in the Offshore Oil and Gas sectors.

Watts Gallop Group will contribute its manufacturing platform of Jiangsu Watts Offshore & Engineering Co., Ltd., where additional investments are carried out to accommodate ultra-heavy units manufacturing and installation.

JACCAR Holdings will share its proven experience and track record into innovative and large scale projects into ship building, owning and operating, developed notably from China during the last 12 years.

The cooperation of the two groups will be carried out mainly through an EPC company based in Hong Kong and having subsidiaries in China: JHW Engineering & Contracting Limited, into which Hartmann Rederei of Germany will also be involved, and a manufacturing platform in Qidong, Jiangsu: Jiangsu Watts Offshore & Engineering Co., Ltd.

85000cbm VLEC 合同开工仪式

During the Ground Breaking Ceremony held on May 29th, 2015, Mr. Wang Shizhong declared: “One of the most important objectives of "Made in China 2025" is to promote the development of offshore engineering equipment including breakthroughs and high-tech vessels and other key fields. Making the “CHINA MADE” going out has become the new strategy of the country. The commencement of ultra-heavy equipment project symbolizes the cooperation between Watts Gallop Holding Group and JACCAR Holdings starts officially. We believe, with the joint efforts of all stakeholders, the ultra-heavy equipment manufacturing platform for oil and gas offshore transportation to be standing up on the land will become a new star in the niche market. We will be dedicated to make Watts Offshore & Engineering to be a benchmark of ‘China Wisdom Made’ for the world!”

For Jacques de Chateauvieux, ’’JHW Engineering & Contracting and WOE were the missing components for carrying out a new phase of JACCAR Holdings development while leveraging on its already existing partnership in shipbuilding, design and engineering, as well as its collaboration with large financial institutions in China. The new business model will be implemented for the benefit of a customer base well extended beyond the needs of JACCAR’s affiliates. We are eager to provide our services to a large domestic and international customer base’’.