CIMC Raffles Offshore Engineering Co., Ltd.

CIMC Raffles Offshore Engineering Co., Ltd. is the high-end offshore engineering platform of CIMC Group, headquartered in Yantai, Shandong, China, with shipyard origins dating to 1977. The company operates fabrication bases in Yantai, Haiyang and Longkou totalling more than three million square metres, including the 20,000-tonne "Taishan" gantry crane, and builds ultra-deepwater semi-submersibles, FPSO topside modules and floating wind foundations. Parent CIMC Group reported FY2025 offshore-segment revenue of about RMB 17.9 billion (roughly USD 2.5 billion). VerityRank Score: 87/100.

Corporate Overview

CIMC Raffles is the Chinese yard best known for the ultra-deepwater dual-derrick semi-submersible drilling platform "Blue Whale 1", one of the most capable drilling rigs ever built. This deepwater pedigree, combined with the 20,000-tonne "Taishan" gantry crane and 3-million-square-metre yard network, gives the company super-heavy module integration capability at Chinese cost levels — the same capability profile as Korean mega-yards but with a significantly lower cost base. In 2025 the yard delivered multiple FPSO topside modules to Petrobras and European oil majors, and secured demonstration orders for next-generation floating offshore wind foundation platforms, extending its franchise into marine renewables.

The company is a wholly owned arm of CIMC Group, the world's largest container manufacturer, which provides financial strength, global logistics and access to both Shenzhen and Hong Kong capital markets. CIMC's 2025 offshore segment revenue of approximately RMB 17.9 billion (about USD 2.5 billion) places it among the major offshore-equipment manufacturing platforms in China.

Competitive Strengths

• "Taishan" 20,000-tonne gantry crane and 3M+ m² yard network enable super-heavy lifting and integration.
• Deepwater drilling-rig credibility built on the Blue Whale 1 semi-submersible programme.
• FPSO topside module deliveries to Petrobras and European majors in 2025.
• CIMC Group backing provides balance-sheet strength and global logistics reach.
• Floating offshore wind foundation franchise secures next-wave renewables exposure.

Risks & Outlook

As an unlisted subsidiary, CIMC Raffles depends on parent-group funding and lacks direct capital-market access. The offshore business carries heavy upfront investment, straining asset and balance-sheet metrics in higher-interest-rate environments, and its customer base remains concentrated in state-backed Chinese projects plus a small number of foreign majors.

The outlook is constructive: FPSO topside demand is rising with the global deepwater upcycle, floating wind is scaling toward commercialisation, and CIMC Group's stated strategy is to grow its offshore and new-energy marine business — including shipyard order books already booked into 2030. As long as parent support continues, CIMC Raffles is positioned to convert this demand into sustained fabrication growth.

CIMC Raffles' fabrication capability is anchored by the 20,000-tonne "Taishan" gantry crane, one of the world's largest, which enables single-lift integration of complete FPSO topside modules and large semi-submersible structures — the same class of integration normally associated with Korean mega-yards, but executed at Chinese cost levels. Its three bases in Yantai, Haiyang and Longkou span more than three million square metres, with deep-water berths that allow direct load-out of the largest floating structures. The Blue Whale 1 ultra-deepwater dual-derrick semi-submersible — built at Yantai and among the most technologically advanced drilling rigs ever constructed — remains a flagship reference that validates engineering credibility with international operators.
During 2025 the yard delivered multiple FPSO topside modules to Petrobras and European oil majors, demonstrating repeat business in the highest-value segment of offshore fabrication, and secured demonstration orders for next-generation floating offshore wind foundation platforms as part of CIMC Group's strategy to build a full offshore and new-energy marine platform. With CIMC Group's shipyard order books already booked into 2030 and the group's stated intention to grow the offshore segment, CIMC Raffles is positioned to convert the global deepwater and floating-wind supercycles into long-term fabrication growth.