Sunrise sees a bright future in offshore energy development

As China attaches increasing importance to offshore energy development to meet domestic economic growth, private investors are seeking opportunities in the marine equipment industry.

Sunrise Group, a Guangzhou-based private shipping company, signed a contract valued around 5 billion yuan ($809 million) with Wuhan Marine Machinery Plant Co Ltd to purchase 10 offshore oil rigs.

Yu Xueqi, managing director of Sunrise, said it is significant that private capital participates in China's marine machinery industry which has been developing rapidly in the past 10 years.