Chinese Firms Dominate Offshore Engineering as Global Orders Jump to $22 Billion a Year
Updated
Updated · South China Morning Post · Jun 6
Chinese Firms Dominate Offshore Engineering as Global Orders Jump to $22 Billion a Year
1 articles · Updated · South China Morning Post · Jun 6
Summary
Global offshore engineering orders averaged US$22 billion annually in 2021-2025, nearly double the previous five-year level, lifting Chinese manufacturers of rigs, drilling gear and installation vessels.
Rising oil and gas prices and a revival in offshore exploration have driven that rebound, turning the Iran war-era scramble for fossil fuel supply into a windfall for the sector.
Chinese companies have held more than 50% of the global offshore engineering equipment market for several years, according to the Ministry of Natural Resources.
Chinese shipyards are already running at full capacity, an industry engineer said, suggesting stronger demand may not yet be fully reflected in new orders.
The boom marks a sharp turnaround from the late-2010s slump in offshore equipment and underscores China's central role in global energy-project supply chains.