(Yicai Global) Oct. 17 -- Offshore Oil Engineering will build and install an offshore oil exploration platform for Saudi Arabian Oil's Marjan oilfield in a deal worth USD700 million.
 

The engineering arm of China's offshore oil explorer China National Offshore Oil signed deals with two units of the Saudi oil giant better known as Aramco earlier this week, and 80 percent of the deal will be paid in US dollars and the rest in Saudi riyals, the Chinese firm announced yesterday.

 The company will start to build the platform parts in the Chinese cities of Qingdao and Zhuhai in the second quarter of 2020, and plans to finish installation in 2022's fourth quarter.

 The new offshore platform installation is part of the Marjan oilfield capacity expansion project, the company added.

 Offshore Oil Engineering [SHA:600583] traded at CNY5.95 at 2.16 p.m., up 0.34 percent, but had risen by nearly 2 percent earlier.

Editor: Ben Armour