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China shipyards brace for leaner times as oil slump sours rig-building spree

China became the world's biggest offshore drilling rig builder after rapid expansion led by the likes of state-backed yards China Merchants Heavy Industry, Dalian Shipbuilding and Shanghai Waigaoqiao.


FOR China's shipyards, the oil rig market that was supposed to be a blessing is in danger of becoming a curse.

As crude prices slide, oil producers are slashing new project spending. With a near 40 per cent slice of a global market worth tens of billions of dollars,