Find out how much time it takes for Cosco to complete a drillship

Clue: Almost a decade.

According to CIMB, Cosco Corp had delivered its first semi-sub (Island Innovator) to Odfjell at end-2012, after struggling for six years with customers’ financing difficulties, its own technical learning curve and rounds of cost overruns.

It was the same for its drillship, Dalian Developer, which took the yard seven years to complete.

Here's more from CIMB:

Without the war chest or support of the state-owned China Ocean Shipping (Group) and Chinese government, we believe Cosco Corp would have either gone bankrupt or exited the rig-building business long ago.

Cosco and Raffles Yantai are the other two Chinese yards that have ventured into rig-building since the previous cycle. So far, both have failed to make any traction in delivery or salvage their reputations.

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