Chinese shipbuilding market players insists that Chinese shipbuilding industries should spur improvement of technical skills for high-value vessel and offshore plant.
China announced that it would raise its global offshore market share to 20% by 2015 from some 7% in the end of 2010.
However, overseas newswire reported that China seems to need enough time to narrow technical gap between Korea or Singapore despite the Chinese government's full support for its domestic offshore segment.
China has successfully entered jack-up rig, offshore-related vessel segment, however, it still has not been proven in high-value offshore units, such as drillship, semi-submersible rig, etc.
According to Macquarie group, since oil spill in the Gulf of Mexico in 2010, oil majors prefer placing orders at Korean or Singaporean yards with more experience and outstanding skills. China now has a dominant place in funding or demand.
In early of 2012, CIMC has expanded into offshore business with around CNY 20bn of financing from the Export-Import Bank of China and owns Yantai CIMC Raffles Offshore.
Also, CSIC-affiliated China Shipbuilding Industry Co has secured some billions of yuans through convertible bonds.
As China's state-owned energy companies, such as China National Petroleum Corporation, etc., place orders for their investment in exploration and development of gas and oil, Chinese shipyards have steady demand.
From 2011 to 2015, China's oil production would reach 50m ton in a year, with demand for 70 offshore platform and 10 FPSOs.