CIMC Raffles secures first full-scope FPSO EPCIC contract for Angolan deepwater project

CIMC Raffles has signed its first contract covering the entire engineering, procurement, construction, installation, and commissioning cycle for a floating production storage and offloading vessel. The deal, tied to the Greater PAJ development offshore Angola, signals the Chinese shipbuilder's strategic move into high-end, turnkey offshore hydrocarbon project delivery.

A final investment decision and contract signing ceremony took place in Luanda, Angola, on 22 June 2026, confirming CIMC Raffles as the lead contractor for the Greater PAJ floating production, storage, and offloading (FPSO) unit. The agreement covers the complete EPCIC scope - engineering, procurement, construction, installation, and commissioning, representing the first time the company has undertaken a full-vessel delivery contract of this kind, according to official disclosures.

The project, backed by operator Azule Energy and equity partners alongside Angola's National Agency of Petroleum, Gas and Biofuels (ANPG), targets five fields across Block 31 and Block 31/21. Located approximately 200 kilometers offshore in water depths between 1,500 and 2,000 meters, the development will exploit the Palas, Astraea Central, Juno, Dione, and Urano reservoirs. The FPSO is designed to handle oil and gas reception, processing, storage, and offloading, with a planned production capacity of 95,000 barrels per day.

The deal signals a structural shift in the offshore services supply chain. Historically, Asian shipyards have competed for discrete work packages such as hull construction or topside module fabrication. By securing an integrated EPCIC mandate, CIMC Raffles demonstrates that select Chinese contractors now possess the project management maturity, supply chain orchestration capability, and offshore installation expertise required to compete for complex deepwater projects previously dominated by a narrow group of established international players. For Angola, the contract underscores ongoing efforts to advance domestic hydrocarbon output by unlocking technically demanding resources in the pre-salt and deepwater plays of the Lower Congo Basin.

For CIMC Raffles — a Yantai-based offshore and marine engineering subsidiary of China International Marine Containers Group — the Greater PAJ award consolidates its strategic repositioning. The company has progressively expanded its footprint from specialized design and hull scopes into full-process delivery across floating production units, FLNG, and FPU segments. Successfully executing the Greater PAJ project is likely to serve as a credentialing reference for future EPCIC bids in West Africa, Latin America, and other deepwater provinces. For procurement planners and equipment suppliers, the transition to turnkey delivery models may alter subcontracting qualification requirements and shift vendor selection patterns as contractors internalize greater supply chain control.