China-based Dalian Daeyang Shipyard is planning to venture into the offshore newbuilding market early 2013.
The South Korean-owned ship and offshore repair yard aims to construct offshore support vessels (OSVs), jack-up rigs and FPSOs.
Dalian Daeyang Shipyard believed it is ready for the new business after gaining experience in the offshore conversion sector over the past three years, a company official said.
The shipyard, however, will steer clear of building commercial vessels such as dry bulk carriers and oil tankers due to the poor market demand.