(Yicai) May 29 -- Shares of Jianglong Shipbuilding dropped despite the Chinese firm saying its unit has secured orders for two vessels worth USD27.1 million from Singaporean clients.

Jianglong [SHE: 300589] fell 2.9 percent to CNY13.69 (USD2.02) a share as of 2.10 p.m. in Shenzhen today.

The two ships will be delivered to Phoenix One and Phoenix Two in the second half of next year, Jianglong announced yesterday. The deals account for over 26 percent of the Guangdong province-based company's audited operating revenue for the fiscal year 2025.

The new contracts show that Jianglong has gained further recognition in the global offshore equipment market, the company said, adding that they will likely have a positive impact on its future operating performance.

Established in 2003, Jianglong is a leading firm in the niche market of high-performance vessels in China. It has five major product series: public service and law enforcement vessels, tourism and leisure boats, specialized operation ships, new energy ships, and offshore vessels.

Editor: Martin Kadiev