Shanghai Zhenhua Heavy Industries Company (ZPMC) has established a new subsidiary as part of a business reform, following an earlier move of setting up six new sub-groups.

Over the weekend, ZPMC held a meeting for the establishment of ZPMC Offshore Engineering Services Company, which will seek to internationalise the businesses of the group.

Song Hailiang, president of ZPMC, said ZPMC Offshore Engineering Services will focus on heavylift and project cargo shipping, offshore installation work, offshore windfarm installation, and integrated offshore services.

Earlier, ZPMC set up six sub-groups, focusing on port machineries, offshore engineering, offshore services, electricity, overseas development and financial investment.

The business reform is expected to address ZPMC’s issues such as unconsolidated internal resources, low productivity and efficiency, and lack of adequate risk management, according to Song.