Heeding a Chinese government call to expand in offshore rigs has been a stumbling block for Cosco Corp. Singapore Ltd. Shares of the Chinese state-controlled shipyard have fallen in tandem with a 51 percent plunge in oil prices in the past two years. Yangzijiang Shipbuilding Holdings Ltd., China’s largest shipyard outside state control, has fared better as it has limited exposure to oil rigs and is still making profits from some shipbuilding projects, according to Pei Hwa Ho, an analyst at DBS Bank Ltd.

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