(Yicai Global) Aug. 2 -- A subsidiary of Chinese optical fiber and cable maker Hengtong Optic-Electric Co. [SHA:600487] (Hengtong) has won the bids for two purchase contracts worth CNY317 million (USD47 million) and will supply undersea photoelectric composite cables to two offshore wind farms.
The affiliate, Jiangsu Hengtong High Pressure Sea Cable Co. (Hengtong High Pressure), has received notices from CMC International Tendering Corp. and Three Gorges International Tendering Co. that it won the bids for the wind farms -- in Dalian, Liaoning province and Tangshan, Hebei province -- both in northeastern China -- Hengtong said yesterday.
Hengtong High Pressure will supply USD29 million (CNY192 million) worth of 200kV undersea photoelectric composite cables to the Dalian project, and furnish CNY125 million of 35kV undersea photoelectric composite cables to the Tangshan project, per the announcement.
Hengtong has secured bids for undersea cable projects with a combined value of CNY761 million (USD113 million) this year, which is 1.85 times the revenue from its marine engineering business last year, the company said. Hengtong believes this windfall is largely thanks to the rapid development of China's marine engineering industry and the company's improved business capabilities.