With steady spendings on offshore sector, Korean shipbuilding & offshore companies are expected to see continued new orders for offshore production/drilling facilities by next year.
Lee Jae-Won, analyst from Tongyang Securities, said "Drilling-rig owners are making high profits with operating margin reaching 20-30% thanks to rising rates and high utilization. Also, significant number of drillships due to be delivered in 2013 has already been engaged."
He forecast "Therefore, investment in new facilities will soon begin" and explained "A number of offshore projects are to be seen in H2 2012 and 2013, since global oil majors continue investment regardless of short-term business fluctuation."
Meanwhile, he said that Singapore rig fabricators have been successful in Brazil market and are expected to become strong rivals against Korean companies. Singaporean companies have created an outstanding fruits in Brazil market, having booked five deep-sea semi-submersible rigs, six drillships, etc., year to date.
He pointed out that it would be unfavorable for Korean companies if Singaporean fabricators build up experiences in deep-sea rig segment.
Published : September 6, 2012
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