Why Singapore rigbuilders are not threatened yet by Korean competitors

Even as they dominate 80% of drillship market.

According to DBS, there is indeed stiffer competition but it is not a significant near term threat. The offshore segment faces keener competition given the dearth of ship orders.

Typically, Singapore rigbuilders garner 70% of jack-up orders while the Koreans dominate 80% of the drillship market.

Here's more from DBS:

While the move by Daewoo into the jack-up space may increase competition, we do not see this as a significant near term threat to Singapore rigbuilders given their distinctive competitive advantage in the segment.

It will take time for Korean yards to catch up as their yards are not configured to build jack-ups. However, the potential increase in competition from Korea may limit Singapore yards’ ability to raise prices.