(Yicai) July 22 -- Shares in Titan Wind Energy (Suzhou) advanced as much as 2.4 percent today before reversing course with the broader market after the Chinese wind power and offshore oil and gas equipment manufacturer said it had secured its first contract for crude oil tanker construction in a deal worth up to CNY1.8 billion (USD258.6 million).

Titan Wind’s share price [SHE: 002531] closed down 0.1 percent at CNY6.06 (USD0.90). The Shenzhen Component Index, which is the benchmark for the Shenzhen stock market, finished the day down 1.4 percent.

Titan Wind’s wholly-owned offshore engineering unit will build two 113,800-deadweight-ton Aframax crude oil tankers for an unnamed international shipowner with an option to build another two, the Suzhou-based firm said yesterday, citing the contract recently penned with the shipowner’s subsidiary. The vessels are scheduled for delivery in stages between 2028 and 2029 after design, construction and seaworthiness trials are completed.

The agreement includes firm orders for two vessels and options for two other ships, Titan Wind said. The buyer has 30 days from the signing date to decide whether to exercise the options.

The contract is Titan Wind’s first order to build crude oil tankers. The firm said it demonstrates growing recognition of its shipbuilding capabilities among international customers and follows earlier contracts to construct floating production storage and offloading vessels, which are used to produce, store and offload crude oil, and floating and offloading vessels, which only store and offload crude oil. Both are permanently moored offshore installations.

The latest order expands the company’s presence in another major segment of the high-end offshore vessel market and strengthens its dual-business strategy spanning offshore wind equipment as well as oil and gas vessels, it said.

Titan Wind generates most of its revenue from supplying onshore wind power equipment. The firm posted revenue of CNY5.4 billion (USD743.3 million) last year, according to its 2025 financial report. Onshore wind equipment contributed 45.5 percent of total revenue, while the combined revenue from offshore wind equipment and offshore engineering products accounted for 25.5 percent. The rest of its income mainly came from wind farm operations.

Editors: Tang Shihua, Kim Taylor