Abstract Affected by the plunge in oil prices, the oil drilling market is sluggish and Chinese shipyards are also affected. As oil prices continue to fall, more and more oil producers are beginning to cut spending on new projects. Chinese shipyards, which account for 40% of the global drilling market, are at risk of slowing growth.
Affected by the plunge in oil prices, the oil drilling market is sluggish and Chinese shipyards are also affected. As oil prices continue to fall, more and more oil producers are beginning to cut spending on new projects. Chinese shipyards, which account for 40% of the global drilling market, are at risk of slowing growth.
Affected by the sluggish traditional shipbuilding industry, many Chinese state-owned and private shipyards have adopted diversified strategies to strengthen the drilling business. Many manufacturers are willing to accept a 1% down payment in order to grab orders.
Some people are beginning to worry that drilling manufacturers may be in trouble due to cancellation orders and price declines. Even after the oil price rebounds, manufacturers will first digest the backlog of inventory, and new production will still be delayed.
According to Nomura, the Chinese shipyard is expected to deliver 37 "lifting" drillings for diving exploration this year. The price of the well is about $200 million per unit.
Reuters quoted an unnamed official of a large state-owned shipyard as saying: "We have not received an order yet, and we have a very headache." He said that orders in 2016 and after were very few.
COSCO Shipyard, one of China's largest shipbuilders, decided earlier this month to abandon the unconventional Octabuoy semi-submersible drilling production storage platform construction project, which has yet to find buyers.
At present, international oil prices have fallen by 60% from the high point of June last year.
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