China is suggested to be emerging as a ‘hidden dragon in offshore industry’ with the fact that 221 number of Chinese companies participated in the largest offshore technology event, Offshore Technology Conference (OTC) held earlier this month in Houston, which is almost seven times the number of Korean participants (32 companies).
Analyst Park Moo-Hyun at E*Trade Securities of Korea said, “Chinese shipbuilding industry does not stand out in both areas of commercial ship and offshore due to a lack of ability in design and producing equipment domestically, however, it has an enormous potential backed by domestic demand which plays a role as a stepping-stone to build track record in offshore plant area,” and revealed, “The country is building up the potential with the domestic demand although it has weak reputation in global offshore market yet.”  
The analyst said, “The offshore industry needs to be seen in mid and long-term haul, thus Chinese builders’ incapability is no use pointing out,” and stressed, “It must not be overlooked that China could be a dangerous competitor in 10 years if it rapidly makes marine equipment domestically produced, supported by the domestic demand.”
“Competition structure in commercial vessel sector is easing off particularly in terms of fuel-efficiency while competitors are growing in number in the offshore industry,” he added.