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5ASIAMARINE&OFFSHOREINDUSTRIESDIRECTORY2023/2024With
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momorethan80percentoftheworldtradecarriedbyseaandmorethan90percentoftheworldscommunicationstravellingviafibreopticsubmarinecablesthemarineandoffshoreengineering(M&OE)industryinAsiaisvitalParticularlyforSingaporeasamaritimenation theoceansandseasareour futuresaidSeniorMinisterandCoordinatingMinisterforNationalSecurityTeoCheeHeanBothourM&OEandseatransportsectorsplayakeyroleinmaintainingSingaporesroleasaglobalbusinesshubforAsiaandtheworldHewasspeakingattheofficialopeningofTechnologyCentreforOffshoreandMarineSingapore(TCOMS)OceanBasinSingaporesfirstoceanbasinfacilityforsimulatingreal-worldoceanoperatingenvironmentsTheM&OEsectorisasignificantcontributortotheSingaporeeconomywithcapabilitiestomeettheglobaldemandforactivitiesfromshiprepairshipbuildingrig-buildingandoffshoreengineeringtooilfieldequipmentmanufacturingandthebuildingandcharteringofoffshoresupplyvesselsAsaleadingOil&Gas(O&G)equipmentandserviceshubinAsiathenationhostsover3000establishedM&OEfirmsincludingworld-renownedhomegrowncompaniesFromtheveryfirstdrydockbuiltbackin1859theindustryhassinceevolvedandtransformedtomeetthegrowingdemandsoftheglobalmaritimeandoffshoreenergysectorespeciallytowardsamoresustainablefutureMuchofthedevelopmentofthesectorcanbeattributedtothecollaborativeeffortsofacademiathepublicsectorandtheindustryco-innovatingtoprovidesolutionsandbuildcapabilitiesAcaseinpointistheTCOMS whichleadsamulti-institutionresearchprogrammecomprisingA*StarlocaluniversitiesandindustryplayersKeppelOffshore&MarineandSembcorpMarineandhasestablishedpartnershipswithoverseasresearchinstitutesThecompetitivesectorhasprovenitselftoberobustbravingthroughheadwindsandmanychallengeswithlatestbroughtonbytheCOVID-19pandemicwhichresultedinmanyofM&OEenterpriseshavingtofaceprojectdelaysandcancellationsInthereportreleasedbytheEconomicDevelopmentBoard(EDB)onayear-on-yearbasisSingaporesmanufacturingoutputdecreased89percentinFebruary2023HowevertheM&OEsegmentinthetransportengineeringexpanded41percentsupportedbyahigherlevelofactivitiesintheshipyardaswellasincreasedproductionofoil&gasfieldequipmentBoastingarichecosystemthe sectors strengths in designengineeringmanufacturingandinnovationhaveattractedtheworldslargestO&GequipmentandservicesfirmstosetuptheirbaseshereTheseincludeBakerHughesHalliburtonNationalOilwellVarcoSchlumbergerandTechnipFMCTopcomponentandservicessupplierslikeEnergyAlloysandOMSarealsobasedherehighlightedEDBFightagainstClimateChangeBringsOpportunitiesSingaporehaslonghadaresilientM&OEsectorthatposturesitselftoaddresschallengesandtrendshead-onandcontinuestoevolveinnovateandadapttotheworldmarketsandglobaldevelopmentsAstheBusinessTimesarticleSetsailwiththemarineandoffshoreindustrypointedoutM&OisnolongerjustaboutshipbuildingbutsupportingthefightagainstclimatechangeEnergytransitioneffortsarenotonlyaboontotheplanetbuttotheprospectsofthesectortoo