Qingdao Jinlong Intelligent Drilling Co., Ltd. completed the acquisition of 10% stake in Qingdao Northern Potential Marine Engineering Co., Ltd. from Sino Geophysical Co., Ltd
December 30, 2022
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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.
Qingdao Jinlong Intelligent Drilling Co., Ltd. completed the acquisition of 10% stake in Qingdao Northern Potential Marine Engineering Co., Ltd. from Sino Geophysical Co., Ltd (SZSE:300191) on December 31, 2022.
Sino Geophysical Co., Ltd. is a China-based company principally engaged in the provision of integration technical services of processing and explanation of geological data for oil and gas exploration. The Company is primarily involved in geological data processing business, geological data explanation business, geological data analysis business, well position arrangement business, oil field region assessment business, drilling and completion services, as well as provision of technological services, including intelligent management of oil fields and development of software, among others. The Company operates its geological data processing explanation and research for large petroleum exploration projects located in Daqing, Shengli, Liaohe, Tarim, Dagang, among others.
Qingdao Jinlong Intelligent Drilling Co., Ltd. completed the acquisition of 10% stake in Qingdao Northern Potential Marine Engineering Co., Ltd. from Sino Geophysical Co., Ltd