IHS Fairplay reports that yards in China are expected to move aggressively into the offshore sector, which is being boosted by high crude prices and rising oil demand.
IHS Fairplay quoted a DnB NOR Markets analyst.
South Korean and Singaporean yards now dominate the sector, with the Koreans as the biggest drill ship builders and Singaporeans the biggest rig builders.
However, Chinese yards, especially COSCO, have been increasingly competing for offshore orders, with government backing.
Speaking at a Singapore conference, DnB NOR Markets regional offshore and yard analyst Kay Lim said: “China is trying to ride the technology curve. As we globalise, the time taken to learn the technology is faster and the Chinese yards have support from their government.
But he added: “It would take three to five years to build up their skills, and in the meantime, yards in Singapore and Korea will improve their skills to move up the value chain.