CIMC to Buy Stake in F&G

2 February 2010 (Last Updated February 2nd, 2010 18:30)

China International Marine Containers (CIMC) will acquire a 75% stake in Friede & Goldman United (F&G), a US-based architecture and marine engineering firm. In a statement, the Chinese company said it will purchase F&G shares owned by Russian shipbuilder MNP Group for $75m.<

China International Marine Containers (CIMC) will acquire a 75% stake in Friede & Goldman United (F&G), a US-based architecture and marine engineering firm.

In a statement, the Chinese company said it will purchase F&G shares owned by Russian shipbuilder MNP Group for $75m.

The acquisition is expected to help Yantai Raffles Shipyard, a Singapore-based marine company CIMC acquired in November 2009, to improve its design capability and win more orders, it said.

F&G is a global designer of mobile marine drilling platforms and also designs and produces auxiliary equipment platforms.

From January to June 2009, F&G realised $33.7m in revenue and a $15.2m net profit.