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SINGAPORE SHIPREPAIRING, SHIPBUILDING & OFFSHORE INDUSTRIES DIRECTORY 2020/2021
are down, offshore renewable energy projects mitigate the impact.
Second, while recovery may not be V-shaped, there are signs of an uptick. Governments
across the world are doing everything possible to respond to this crisis, to restart national economies, and prevent another disruption. Global demand will return when consumer and investor con dence pick up, buoyed by pro-
growth policies that many economies are still pursuing.
Over the years, the industry has trekked a steady path towards transformation. The experience gained and capabilities honed prepare the innovators for both sunny and rainy days - to seize opportunities and overcome vulnerabilities. We must continue on this path, and gather speed in digitalisation and developing a future-ready workforce.
PUSHING THE ENVELOPE IN SHIP
REPAIR AND CONVERSION
In recent years, the world has seen a rapid expansion of its eet of oating production, storage and of oading (FPSO) units. The FPSO industry itself has evolved and has transitioned from single to double hull designs and increased storage capacities, requiring conversion of very large crude carriers (VLCC). Industry players with deep capabilities are capitalising on this growth.
In 2019, Sembcorp Marine Rigs & Floaters Pte Ltd won a contract with Shapoorji Pallonji and Bumi Armada to convert a VLCC into an
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