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Ms Tristine Lim
General Manager
Marshall Cavendish Business Information Private Limited
T he Marine & Offshore Engineering (M&OE) industry has been facing structural headwinds, in part due to
declining oil prices, global energy transition and more recently, the effects from the global COVID-19 outbreak in 2020.
In its latest manufacturing performance for April 2021, the Singapore Economic Development Board (EDB) revealed that the M&OE segment contracted 5.9 percent as the levels of activity in the shipyards remained low on account of weak global oil and gas market and labour shortages due to border restrictions.
Despite the challenges faced in the M&OE sector, it can still pivot to new areas for long term growth. This was highlighted by then Minister for Trade and Industry Chan Chun Sing in November 2020.
To stay resilient, KEPPEL Corp, the world’s largest offshore rig builder, unveiled a radical reboot to exit the depressed rig business and pivot to clean energy on 29 January 2021. This bold approach will result in a more lean and “green” entity better able to secure projects amid a booming energy transition, be it offshore wind or solar farms, gas solutions or hydrogen energy.
Two areas that the M&OE industry can look forward to amidst the economic crisis are liquefied natural gas (LNG) and offshore renewables, as well as digitalisation. The pivoting point has accelerated and come upon us sooner than expected and it is imperative that we pursue these tracks to propel the industry towards these new growth areas. This will enable the industry to become future-ready for the global energy transition.
Marshall Cavendish Business Information is pleased to publish this inaugural edition of the Asia Marine and Offshore Industries Directory. Within these pages, we share the latest developments in the resilient and growing M&OE industry. This Directory also serves as a one-stop resource for all relevant contacts and information and is an effective platform for networking and collaboration among industry players as well as products and solution providers in Singapore and Asia.

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