Qingdao Jinlong Intelligent Drilling Co., Ltd. agreed to acquire 10% stake in Qingdao Northern Potential Marine Engineering Co., Ltd. from Sino Geophysical Co., Ltd (SZSE:300191) for CNY 150 million on April 22, 2022. The consideration will be paid in cash. The board of directors of Sino Geophysical approved the transaction and is subject to approval from shareholders of Sino Geophysical at annual general meeting.

The transaction is expected to close by December 31, 2022. The shareholders of Sino Geophysical approved the transaction as of May 16, 2022. Qingdao Northern Potential Marine Engineering recorded total assets of CNY 1.49 billion, net assets of CNY 1.49 billion, Revenue of CNY 16.6 million, negative EBIT of CNY 8.3 million and net loss of CNY 8.3 million for the year ended December 31, 2021.