The board of directors of China Ocean Industry Group Limited informed the shareholders and potential investors of the Company that the Company has entered into a shipbuilding contract with a customer in the PRC in January 2022, pursuant to which the Company will be responsible for the design and construction of a 155 meter DP2 cable laying vessel (the "155m DP2 Vessel"). After a year of construction, the 155m DP2 Vessel has been launched on 29 March 2023. It is expected the construction of the 155m DP2 Vessel would be delivered to the customer in September 2023 after the completion of the final interior finishing of the cabin of the vessel.

The 155m DP2 Vessel is reported as the large and the FIRST 10,000-ton ocean-going communication cable laying vessel in the PRC. Such vessel adopts all-electric propulsion and power positioning control system and is classed by China Classification Society, and the research and development, design and manufacture of the whole vessel are fully controlled and supported by manufacturers in the PRC. The 155m DP2 vessel, with a length of 155 meters, a width of 23.2 meters, a maximum speed of 15 knots, and a one-time cable capacity of 10,000 tons, can complete the laying of submarine fiber optic cables across the Pacific Ocean from the PRC at one time, and is first 10,000-ton DP2 ocean-going cable laying vessel that flies the Chinese flag in the PRC.

Being one of the largest shipbuilding factories in Jiangxi Province, the Group is reputable for its heavy industrial production capacity and abundant land and shoreline resources alongside Yangtze River with experienced production, technical and management teams. The success launch of the 155m DP2 Vessel has definitely demonstrated that the Company retains its ability and capacity in its shipbuilding business and customers in the region which demands processing/production capacity for heavy industrial products, which mainly comprise customers of established state-owned and private construction companies, ship companies and steel engineering companies, other transport related companies and governmental authorities have always been attracted to the Company and expressed support for the Company. The launch of the 155m DP2 Vessel has also exhibited the Group successful transition of its business model into more contractor or service works of different procedures in processing or modification for shipbuilding of shorter revenue-generating cycle with less capital commitment while retaining its skilled team and competent shipbuilding capability, to mitigate the business and operating risk and increase the liquidity of the Group amid the deteriorating economic condition, adverse industry atmosphere and the Group's financial condition. The Company still has a number of contracts ongoing and negotiation in progress, including but not limited to shipbuilding business.