Singapore’s Offshore Shipbuilding Industry on the Rise

Thursday, July 27, 2006
Singapore's shipyards want a bigger share of the offshore shipbuilding industry, eyeing areas now dominated by South Korea, Japan and Norway. According to Reuters, Singapore-listed yards have secured well over half the 92 oil drilling rigs under construction worldwide, and are now looking to expand capacity in a bid to meet a next wave of demand for vessels and platforms needed to pump oil and gas from the ocean bed to the market. Industry executives see rising demand for deep-water floating production capacity as oil prices remain high and some 84 new offshore fields are set to come on stream in the next five years. As Keppel Corp. and SembCorp Marine venture into new business areas, they will come up against South Korean and Japanese yards that are world market leaders in building gas carriers, floating production units, floating production, storage and offloading (FPSO) vessels and semi-submersible production rigs. Singapore yards have only led in recent years in converting tankers into FPSOs and have made a few floating production units such as the P-52 by Keppel for Brazil's Petrobras. Industry officials believe that within a few months, Singapore’s yards will see more FPSOs, gas carriers, and drillships for major refurbishments. Meanwhile, smaller Singapore yards are marking their presence by making offshore support vessels (OSV) such as anchor handling, towing and supply vessels (AHTS). These OSVs are the deemed the work horses of the offshore industry, helping transport, moor and supply staff and goods to offshore rigs and platforms. Singapore yards Labroy Marine, Jaya Holdings, Pan United Marine and ASL Marine are building nearly a quarter of the 300 or so OSVs on order worldwide, vying with leading global players such as Norway's Aker, unlisted Kleven Verft and Bollinger Shipyards of the United States. Keppel, building the highest number of offshore rigs, recently announced plans to get new yard space in Singapore. Operating 17 shipyards across the globe, Keppel is also expanding and upgrading yards in China and the Philippines. SembCorp Marine (SembMarine), the world's number-two rig builder, this month acquired an additional seashore area in Singapore and facilities in Indonesia. SembMarine has 11 yards across the world, including five Chinese yards, and was already in the process of making room at one of its main yards in Singapore for building more rigs. Its 12th yard, in the U.S. Gulf of Mexico, should start this year. (Source: Reuters)

Offshore

STX to Slash Jobs, Sell Yard

To stat above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Onshore Spending on the Cusp of Recovery?

DW’s recently released quarterly World Oilfield Services Market Forecast (OFS) and World Oilfield Equipment Market Forecast (OFE) continue to suggest 2016 will

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Tanker Trends

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

Alfa Laval Launches DuroShell LPG/E Cargo Condenser

With the new Alfa Laval DuroShell plate-and-shell heat exchanger, Alfa Laval aims to strengthen its offering in LPG/E cargo reliquefaction with a construction that

Navy Discovers Malaysian Tanker

Indonesia's navy has found a tanker carrying almost US$400,000 worth of diesel that was taken by its own crew last week due to a commercial dispute, says a report in AFP.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0704 sec (14 req/sec)