Shanghai: In the latest potentially embarrassing twist to a troubled couple of years for one of China’s top private yards, Rongsheng Heavy Industries is understood to be in negotiations with fellow Chinese builders to hand over a contract for a vessel it had started to build 11 months ago.
Broking sources in Shanghai tell SinoShip News that Rongsheng has struggled to build a $125m tender-assisted drilling barge for a Norwegian customer, Pentacle, and is now looking for another yard to take the project on. Rongsheng won the contract 13 months ago, with construction starting on the barge, which is meant to be able to drill down to 6,000 m, last December.
Rongsheng has been plagued by financial difficulties and plenty of cancellations in the past couple of years. [04/11/13]