China’s Harbin Institute of Technology has recently completed the development of a dynamic positioning 3 (DP3) system, raising the technological standards for China’s foray into the offshore marine business.

The institute said its newly developed DP3 system meets the requirements for IMO’s standards and received certification from China Classification Society (CCS).

It is estimated that the market for DP3 system is worth around RMB2bn ($326.9m) in China each year. Most Chinese enterprises are only able to manufacture DP1 systems, with DP2 and DP3 mostly being produced overseas.