Of them, COSCO has made a relatively early entrance on offshore facility sector. COSCO's CEO Wu Zi Heng said, "Global energy companies are planning to expand investment in offshore exploration, which would result in increase in demand for FPSO, offshore wind turbine installation vessel, offshore supply vessel, etc., as well as rise in jack-up rig and semi-submersible rig rates. Therefore, we would also actively invest in offshore sector."
While, many other shipyards showing their interests in offshore plant market, some sources said that China's offshore plant industry is still at primary level and places far from the government's recently set up targets.
According to an official from Jiangnan Shipyard, it is hard to get a foot on offshore arena and huge amount of funds are needed for the business.
Added that securement of ship financing and working capital as well as high-end technical skills play important part in offshore sector.
However, thanks to the support from the government, China's offshore plant is growing fast, with increasing market share in the global market and narrowing gap between Korea and Singapore in some sectors.
Korean shipbuilding player said, "Over 10 years are expected to be needed before China spurs to threatening Korea in the offshore plant market, however, if the Chinese government gives full supports to the industry, it can take less time than estimated."