In an announcement last week, Honghua Group said the ‘Honghai Crane’ will be 11 times more powerful than the next best movable crane.

Designed by Honghua and co-developed with Wuhan Bridge Heavy Industries Group, the crane could become a significant milestone in the evolution of offshore drilling platforms through reducing construction time and cost, the company said.

With a total height of 150m and maximum lifting height of 65m, it will be able to lift 500 fully loaded high-speed train carriages or a building 20 floors high while moving.

At the ground-breaking ceremony in Qidong City, Jiangsu Province, China, a representative for the Egyptian Ministry of Petroleum, Ayman Mohamed Abdel Monsef, said: "The Honghua Group has again demonstrated that it is a leader in the oil drilling industry. The Egyptian Ministry of Petroleum has cooperated with the Honghua Group on several occasions and will continue to do so."

Zhang Mi, chairman of Honghua Group, added: "With offshore engineering market growing tremendously around the world, innovative offshore drilling equipment will play a crucial role in harnessing and developing oceanic energy.

"In a technological and capital-intensive industry, the Honghai Crane will revolutionise offshore drilling, and will set a new benchmark for offshore engineering building models."