Rui Ling Offshore Engineering has been established with Titan Oil, the Sinocast news agency reported.

The company has registered capital of SGD 10m ($7.84m).

CSSC Leasing controls 70% of Rui Ling, with Titan having the rest.

The new venture will also charter and manage offshore vessels.

Earlier this year it was reported that the group's vessel operating arm, CSSC  Shipping, was planning to splash out CNY 7bn ($1.22bn)