Greater China

Rongsheng’s S’pore offshore unit vital to future earnings

Hong Kong: China Rongsheng Heavy Industries Group Holdings reckons a new offshore-energy equipment unit headquartered in Singapore may generate half of its orders over the next five years making up for limited demand for ships.

“There is a need to shift our focus to the offshore and marine business,” CFO Sean Wang told reporters in Hong Kong earler this week. “The shipping industry is undergoing a tough time.”

“This is going to be difficult as everybody wants to jump on the bandwagon,” Wang said, in reference to many other Chinese yards who have moved into the offshore space.  [20/11/12]

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