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Cosco Shipyard Group to join rig newbuild market.
(From Lloyds List)
CHINESE shiprepairer Cosco Shipyard Group expects to enter the oil rig newbuilding market in the next six months, writes Marcus Hand in Singapore .
A report by Kim Eng Securities on Singapore-listed Cosco Corp, 51% owner of the shipyard group, said that management had said they were on target to enter the rigbuilding sector.
'Cosco reckons that the yard will be able to offer new rigbuilds within the next six months, which is ahead of our expectations,' the report by Kim Eng analyst Rohan Suppiah said.
Cosco initially hopes to gain contracts from Chinese oil companies before branching out into the international arena, most likely in partnership with SembCorp Marine, ...
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