How China is cashing in on a global scramble for offshore oil and gas

Though rising oil and gas prices are causing havoc in the global economy, they have proved a windfall for one sector: China’s vast offshore engineering equipment industry.
The increase in global fossil fuel prices over the past few years has sparked a surge in offshore investment, which has boosted the revenues of Chinese companies that make the heavy-duty machinery used to extract that energy – from floating oil rigs to wind turbine installation vessels.
“We are quite optimistic about the...