ROVworld Subsea Information

Another 15 year extension for joint venture term
Date: Tuesday, May 11, 2010 @ 10:00:00 EDT
Topic: GENERAL NEWS


Another 15 year extension for joint venture termAfter 15 years growth and development, S. B. Submarine Systems Co. Ltd. (SBSS) faced a critical time - joint venture term expiry in January 2010. Actually, Global Marine Systems Limited, the western shareholder had already addressed to discuss the extension of the Joint Venture in considering the consistence of the business.



However, due to the relevant regulation by the Chinese government, the work actually started in 2009. After several times if face to face discussion and negotiation, both parties agreed to extend the term of joint venture for another 15 years and had a detailed review and revision to the original joint venture contract and article of association. In December 2009, SBSS had got the approval on the joint venture extension by Shanghai Municipal Commission of Commerce and new Business License issued by Shanghai Administration of Industry and Commerce.

During the discussion on Joint Venture extension, both shareholders expressed that the cooperation between two parties in the past 15 years has been very successful and SBSS has created good return to both shareholders. They have also placed the high hope on the future development of SBSS in the next 15 years. They believe that with the support by the both shareholders, the management team will lead all the staff to create brilliant future.







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