he Marine and Offshore Engineering (M&OE) industry has gone through one of its most trying downturn in the last three years, precipitated by a sharp drop in oil prices in 2014. In response, the government has partnered with associations and unions to introduce various interim measures to support our Marine and Offshore Engineering companies and workers so as to preserve our core capabilities and defend our industry leadership that was built up over many years.
Despite the ongoing challenges from the downturn, the long-term prospects for the industry remain positive and there are new opportunities to seize on the horizon. One such opportunity is in digitalisation. This involves harnessing technologies such as data analytics and internet-of-things (IoT) which enable M&OE companies to improve their operational efficiency, develop cost-effective solutions and generate new revenue streams. Another key opportunity lies in diversification into areas such as Liquefied Natural Gas (LNG) and offshore renewables which ride on the broader economic growth in Asia.
To ensure that the Singapore M&OE industry captures these opportunities, the Singapore Economic Development Board (EDB), together with other government agencies, trade associations and chambers (TACs) and unions, have developed the M&OE Industry Transformation Map (ITM). The ITM articulates the strategy to transform the industry in the current downturn and build new capabilities for the future. The 4 key thrusts of the strategy are:
i) Preparing for the future through innovation and productivity improvements (e.g. robotics);
ii) Pursuing new growth areas (e.g. LNG and digitalisation);
iii) Equipping Singaporeans with relevant skills; and
iv) Deepening partnership with associations and unions
On point iv, EDB and various other agencies are pleased to be working with ASMI through the M&OE ITM Program Office established within the association to execute the initiatives under the 4 key thrusts. ASMI has been an industry champion for the M&OE industry and the program office will play a crucial role by working with companies to drive the adoption of productivity solutions, encourage innovation efforts and address future manpower needs.
In pursuing transformation of business and operations to capture new opportunities, companies will have to find partners who will walk the journey with them. I hope this directory serves as a useful resource for you to find and embark on new and fruitful partnerships.
Mr Ow Kai Onn
Deputy Director, Transport Engineering
Economic Development Board