Singapore may be losing jack-up order race to Chinese yards

Chinese rigbuilding already scored US$2.3b.

According to OCBC, Chinese yards’ jack-up orders YTD surpass Singapore’s. There have been recent reports on Chinese yards surpassing Singapore yards in terms of jack-up rig orders YTD. 

Indeed, OCBC finds that jack-up orders for the former have totaled ~US$2.3b so far, compared to ~US$2.1b for the latter. Should this pace keep up till the end of the
year, it will be a significant milestone in the history of Chinese rigbuilding.

Here's more from OCBC:

However, most orders are from newcomers in the industry. However, we note that many of the contracts that Chinese yards have won so far are mostly from newcomers in the offshore industry, including speculators who sell the rigs later for a profit.

Very favourable payment terms have been extended to these customers e.g. Prospector Offshore’s downpayment was only 6.5% with Shanghai Waigaoqiao Shipbuilding (SWS).