Restructuring has been sought in an embarrassing setback for an affiliate of one of China’s flagship state-backed yards.
DSIC Offshore, part of Dalian Shipbuilding Industry Co, the largest yard under state-run China Shipbuilding Industry Corp (CSIC), has been told by a local court to enter restructuring, as it is unable to pay its debts. Its liabilities as of the end of last year stood at close to $500m.
DSIC Offshore suffered many cancellations and a severe drop in new orders in recent years. As well as rigs and platforms, it offers drillships, FPSOs and wind turbine installation vessels.
VesselsValue data shows DSIC Offshore currently has 15 ongoing newbuilding projects made up of 11 jackup rigs, one semi-submersible drilling rig and three jackup floatels.