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Zhenhua hopes for 30-40% rise
By Richard Fu |
May 22, 2012, Tuesday
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Print Edition
Print Edition
SHANGHAI Zhenhua Heavy Industries Co, which controls 70 percent of the world's port equipment market, expects a 30-40 percent growth in the ocean engineering equipment sector from 2011 to 2013.
"The sector is set to experience unprecedented development over the coming years as energy companies turned offshore amid declining reserves onshore," Dai Wenkai, vice president of Zhenhua, said at the China Manufacturing Forum yesterday in Shanghai.
Dai revealed that Zhenhua is developing specialized vessels, drilling platforms and other support systems for the ocean engineering industry.
China has identified ocean engineering equipment as one of the strategic emerging sectors to nurture and pump money into.
In 2010, Zhenhua's parent China Communications Construction Co acquired rig designer Friede & Goldman for US$125 million to enhance its offshore construction capabilities.
"The sector is set to experience unprecedented development over the coming years as energy companies turned offshore amid declining reserves onshore," Dai Wenkai, vice president of Zhenhua, said at the China Manufacturing Forum yesterday in Shanghai.
Dai revealed that Zhenhua is developing specialized vessels, drilling platforms and other support systems for the ocean engineering industry.
China has identified ocean engineering equipment as one of the strategic emerging sectors to nurture and pump money into.
In 2010, Zhenhua's parent China Communications Construction Co acquired rig designer Friede & Goldman for US$125 million to enhance its offshore construction capabilities.
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