Singapore is the top player in the global market for oil and gas drilling units and offshore support vessels. From their humble beginnings as regional ship repair centers.
The future of the industry remains bright, driven by a global increase in energy demand. In particular, emerging markets in oversea countries as key energy drivers are estimated to account for more than half of the global incremental energy demand from 2010 to 2040.
To meet future demand for energy, offshore deep-water along with unconventional oil & gas exploration and production activities will increase, to address the shortfall in conventional onshore oil & gas resources worldwide. More sophisticated products and technologies will be required to enable this new play in oil & gas exploration. For example, drilling rigs operating in the North Sea need to be designed for harsh environment and need to meet stringent specifications. These trends present exciting opportunities for Singapore’s marine & offshore sector.