Cheap mainland rigmakers to shake up market

The mainland's shipbuilders are set to spark a price war in the oil-rig market.

With orders for new ships hitting an eight-year low last year, China Rongsheng Heavy Industries and its local rivals are moving into the offshore business, lured by a market that will reach about US$328 billion in 2017. The new entrants are lowering prices to grab contracts, hurting margins at Singapore-based Keppel and Sembcorp Marine, the world's two biggest rig makers.

via Business feed http://www.scmp.com/business/china-business/article/1125878/cheap-mainland-rigmakers-shake-market