While shipbuilding and other related industries in the world are struggling, shipbuilders in China are eyeing on offshore market, with declining number of yuan-denominated contract.
According to Barclays Capital, China would sit on about 25% shares in global offshore market in 25%, on the basis of delivery of offshore facilities, including jack-up drilling platform, drillship and semi-submersible barge.
Total amount of newbuildings contracted in the full 2012 fell huge, however, overall new order for offshore segment rose. Statistics say, a total of $80.8bn worth of newbuildings were contracted in 2012, of which offshore orders accounted for 53% with $42.8bn being invested in.
Barclays Capital pointed out that shipbuilders making transitions into offshore market would help them overcome crisis from recently stagnant commercial ship market, as well as boost related industries, raw material providers, equipment makers, etc.