The Toronto-listed firm also completed a private placement with the Huludao Jiangzhe Marine & Offshore Equipment (HJZ) Company that apportioned 9.9% of company shares to its new partner for a total of $1.4 million.
Additional proceeds of $6 million from the joint-venture agreement will also go to fund the associated international business plan.
"We look forward to working together with HJZ to secure contracts for SSP projects in this region," SSP chief executive Paul Illingworth said in a statement.
SSP
