NEGOTIATIONS with China National Offshore Oil Corporation (CNOOC) over boosting its stake in domestic company SinoOcean Offshore Assets Management have hit a snag over the low valuation placed on offshore rigs and vessels abandoned in Chinese yards by foreign owners during the market downturn. SinoOcean, which represents the yards owning these assets, is keen to have CNOOC as a majority stakeholder, facilitating an arrangement that would allow the offshore operator to employ these assets without having to charter them, according to sources familiar with the talks between the two state-owned entities.
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