We are proud to announce that the Norsafe Group, through its subsidiary Jiangyin Norsafe, has signed a Letter of Intent (LOI) with the Government in Jiangyin, P. R. China, for the purchase of industry land for a large new integrated boat and davit factory. The signing ceremony took place on 9. June 2011 in connection with the Dragon Boat festival of Jiangyin, and was attended by distinguished representatives from Yuechen Town, Jiangyin Government and Norsafe.

Thomas Skaala signed the LOI for Norsafe, and was flanked by Henry Chen, Joseph Wong, Thomas Thompson and senior advisers. The land is ideally located alongside a river in Yuechen Town, only 5 minutes from Norsafe’s current boat factory. It is a large plot of land spanning 46.000 m² and will, when fully developed, host modern workshops, buildings and infrastructure for the manufacturing and testing of boats, davits and components.

According to the project plan, the construction of buildings will start at in the beginning of 2012 and be completed in the first half of 2013. Investing in a new modern factory in China is a significant milestone in Norsafe’s growth strategy and an important enabler for achieving our strategic goals. Amongst others it will enable Norsafe to unite all of our production locations in China.

Last year Norsafe celebrated the 10^th anniversary of the company’s operations in Jiangyin, China. This year we reinforce and expand our investment in China through the purchase of new land and subsequent development of a large and modern manufacturing facility. The process to purchase the land has been headed by Henry Chen, the GM of Jiangyin Norsafe, with strong support from his management team and the group management team.