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China Eastsea Business Software, a company providing IT and business process outsourcing services to oil companies within China, has applied for its shares to be traded on AIM. The move follows the company’s delisting from PLUS earlier this month.

In conjunction with China Eastsea’s move to AIM, a UK-based non-executive director has been appointed. Richard Sermon is chairman of corporate communications consultancy Gryphon Corporate Counsel, and holds non-executive posts at various companies including US-headquarted PR firm The PBN Company.

China Eastsea is incorporated in Jersey and its services include both IT consulting and the custom-building, implementation and maintenance of software systems. Its clients are in the petroleum, petrochemical, power and telecoms industries, as well as the public sector.

The company was formed in 2003 as a buy-out of the IT department of Chinese energy giant Sinopec, which is now a key customer expected to provide revenues of at least £1.6 million a year for the remainder of its contract with China Eastsea, which has 16 years to run.

Turnover for the year ending February 2007 was £8.8 million, double that of the previous year. Pre-tax profits were £2.3 million, 28 per cent higher than the year before.

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