BEIJING, Sept. 23(Xinhuanet)-- A firm claiming to be the first joint enterprise between a domestic shipyard and foreign enterprise to make ship equipment has been established in Dalian.

TTS Bohai Mechanical Equipment(Dalian) Co Ltd, jointly invested in by Dalian New Shipbuilding Heavy Industries Co Ltd(DNS) and Norway TTS Marine ASA, was officially founded yesterday in the port city, in Northeast China's Liaoning Province.

No details of its registered capital or share structure were released.

The new company, which will mainly make ship cranes, covers 23,000 square metres in the Dalian Bay North Sea Industrial Park.

With the aim of producing 200 cranes annually, the company will supply shipyards at home and abroad.

In five years, TTS Bohai aims to be the top ship and marine project equipment producer in the country.

The firm has already received orders from Chinese and foreign shipyards which ensure this year's business target will be met, sources said. Details of the target were not disclosed.

Co-operation between the two sides can be traced back to 1994, since when TTS has signed various contracts and given some to DNS to do.

Almost 100 cranes have been made for domestic shipyards as well as those in Japan, South Korea and Singapore.

A source said the setting up of the new firm means the co-operation is steadier and official. The aim of the co-operation is so the Chinese side can learn about other management modes and technology while the Norwegians can more easily enter the Chinese market.

TTS, based in Bergen, Norway, is a global enterprise that designs, develops and supplies ships and shipyard equipment. It operates marine cranes and handles dry cargo and other materials. It is one of the top three suppliers in its specialised market segments.

Its equipment for ships and shipyard production lines is a top-ranking brand around the world.

DNS, covering 1.16 million square metres, is part of the China Shipbuilding Industrial Corporation.

Its total industrial value hit 4 billion yuan(US$494.44 million) last year, with a shipbuilding load of 1.67 million tons.

(Source: China Daily)