The past year was a tough one for the global oil and gas industry, but the company in charge of selling or chartering drilling rigs abandoned by foreign owners in China's fabrication yards chalked up some successes in 2020.

In the two years since it was established to consolidate China's offshore engineering industry and manage a fleet of rigs left stranded in various stages of construction, state-owned SinoOcean Offshore Engineering Assets Management has managed to find jobs for stacked rigs — including four last year, which reduced the number of stacked rigs to 43, from 91 in 2018.