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China Offshore Finance

Shanghai Waigaoqiao Shipbuilding to take 35% stake in Shandong Shipping in exchange for unpaid rig building debts

The Shanghai-based shipyard will be a major shareholder of Shandong Marine Group’s subsidiary following a new share issuance

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The delayed delivery and uncertain payment indicates recession in offshore market. The four jack-up rigs were delivered in 2020, but remain unpaid and SWS has expressed concerns about full repayment within the scheduled time frame

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