August 12, 2023 – CIMC Raffles announced that it has entered into an official agreement with Saipem, the renowned Italian maritime engineering company, to transform a semi-submersible drilling rig into a floating oil and gas production platform (FPU). This landmark contract marks CIMC Raffles' inaugural endeavor in the field of converting drilling rigs into production platforms, garnering significant attention within the industry. The collaboration not only signifies a major breakthrough in the gas project sector but also sets a precedent as the world's first drilling rig conversion to an oil and gas production platform, establishing a benchmark for the renovation of aging platforms worldwide. Throughout the contract negotiation and signing process, Yao Liang Law Offices provided full legal support to this project.The Yao Liang team for this project is led by partner Lawyer Jason Zhang and Lawyer Benjamin Hu, with team members including Damon Peng and others.