CSSC Waigaoqiao Wins Rig Arbitration, No Refund of $18.1 million; GSI Signs $1 billion LNG Dual-Fuel PCTC Deal

China State Shipbuilding Corporation Limited (CSSC) disclosed after market close on September 2, 2026, that its wholly owned subsidiary Shanghai Waigaoqiao Shipbuilding Co. , Ltd. had won an arbitration case against Singapore-based shipowner ESSM1 LTD. The dispute centered on a construction contract for a self-elevating jack-up drilling rig and spanned nearly a decade.

The origin of the arbitration dates back to July 2013, when Waigaoqiao Shipbuilding undertook a contract to build one new self-elevating jack-up drilling rig for Singapore's ESSM PTE. On September 5, 2014, ESSM PTE. LTD, Waigaoqiao Shipbuilding, and ESSM1 LTD signed a novation agreement transferring the rights and obligations under the construction contract to ESSM1. On June 28, 2016, ESSM1 terminated the contract, citing failure to complete vessel H1368 within the agreed timeframe. On June 9, 2017, ESSM1 filed arbitration claims with a tribunal in London, UK, seeking a refund of paid amounts plus interest totaling approximately $19.36 million.

During the arbitration, the parties held a hearing in London on April 2-3, 2019, on preliminary issues, which Waigaoqiao Shipbuilding won. The tribunal has now reviewed and confirmed its ruling, dismissing all of the claimant's claims and terminating the arbitration proceedings. In CSSC's 2025 main business revenue, "shipbuilding, repair, and marine engineering" accounted for 86.38%, and Waigaoqiao Shipbuilding's net profit for 2025 exceeded RMB 2.5 billion. In the first half of 2026, CSSC recorded operating revenue of RMB 91.53 billion and net profit attributable to shareholders of RMB 9.954 billion, with Waigaoqiao Shipbuilding contributing RMB 1.451 billion in net profit for the same period.

On the same day, CSSC also announced the signing of major contracts by its subsidiaries.