China Merchants Group (CMG) chairman Li Jianhong has proclaimed the offshore shipbuilding industry is bottoming out after one of his group affiliates signed a four-rig deal with Shelf Drilling.
“While the market has been volatile since last year in line with oil prices and there is still large uncertainty, I think the worst for offshore shipbuilding is over, totally,” Li told state-linked shipbuilding media Chinashipnews during China’s annual parliamentary meetings.
