Yantai-based CIMC Raffles, the largest semi-submersible platform manufacturer in China, is to build five offshore cages with a total value estimated at 1.72 billion yuan ($250 million) for Ocean Aquafarms AS, a Norwegian company offering cost efficient fish farming solutions for offshore locations.

The two sides signed a letter of intent on offshore aquaculture at the 2017 China-Norway Business Summit held on April 7 in Beijing.

Designed by Ocean Aquafarms AS, the Hex Box offshore cages represent high level technology in farming of Atlantic salmon in harsh environments and a broad market prospect.

CIMC Raffles, the biggest semi-submersible construction base in China, is the assembly and commissioning base of CIMC Offshore, an international enterprise providing high quality offshore equipment.

The 2017 China-Norway Business Summit, with the theme of Creating Sustainable Solutions for a Better Future, attracted more than 900 business people from both countries.