China supports drilling rig order projects
2013-08-07 09:00
The Chinese government is providing large-scale financial support to help its shipbuilding industry successfully enter the more profitable market for drilling vessels.
According to industry sources, the Chinese government is leveraging its massive foreign exchange reserves to offer numerous financial programs to foreign shipowners. A senior official at an investment consulting firm operating a ship fund said that some Chinese shipyards are even accepting 1% of the ship price as a down payment, receiving the remaining 99% upon delivery. Such terms are quite attractive to shipowners.
The price of a newly built deepwater drilling vessel is approximately US$500-600 million. Currently, this market is almost entirely controlled by the South Korean industry. However, the Chinese industry is also accelerating its order intake in this area by measures such as lowering the down payment percentage, intensifying competition in the field. Recently, in particular, Chinese shipbuilders have successfully secured orders for self-elevating drilling platforms, which have less stringent technical requirements.
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