(Yicai) Oct. 30 -- Jianglong Shipbuilding said it has secured an order worth CNY629 million (USD88.3 million) from Norway’s Moen Marin, the world’s largest supplier of vessels to the aquaculture sector. The Chinese firm’s stock rose.

Jianglong will build 12 steel-aluminum ships for Moen Marin, each taking 16 months to construct, the Guangdong-based firm announced late yesterday, citing a letter of intent signed on Oct. 29. The value of the deal is the equivalent of 53 percent of Jianglong’s audited operating income last year, it said.

The two firms penned an order for four of the ships yesterday, worth CNY210 million (USD29.4 million), equal to 17.7 percent of last year’s operating income. The order for the remaining eight will depend on future market conditions, Jianglong said.

After gaining by as much as 2.2 percent in the morning, Jianglong’s shares [SHE: 300589] ended the day 0.8 percent up at CNY13.46 (USD1.89) each. The benchmark ChiNext Index retreated 1.2 percent.

This is the second time that Moen Marin has ordered vessels from Jianglong. Last December, Moen Marin signed a CNY89.2 million deal for two aquaculture ships that can operate in complex waters at high latitudes. That enabled Jianglong to enter the Nordic market for high-end special operation boat, it said.

Editor: Tom Litting