McDermott International Inc said that a subsidiary of group company J Ray McDermott has set up a joint venture with a unit of state-owned China Shipbuilding Industry Corp.
The joint venture - Qingdao McDermott Wuchuan Offshore Engineering Co Ltd - plans to establish a facility in Qingdao, in eastern China's Shandong province. The new company plans to focus on the construction of floating production, storage and off-loading (FPSO) vessels, US-listed McDermott said in a statement.FPSOs are used in the offshore oil and gas industry. The vessels take oil and gas from platforms, and process and store them until they can be offloaded onto tankers or into pipelines. (Source: www.tradingmarkets.com)