Singapore: This past month Joseph Foo set about arguably the greatest challenge he has faced since founding Jason Marine 37 years ago. In the middle of February the Singaporean marine electronics systems integrator and support services provider announced a big restructuring in a bid to turn its business around.
The group is reorganising its existing operations into three core units – marine, offshore oil and gas and China – “to sharpen its business focus and drive revenues”, the company noted in a release.
The locally-listed company, founded in 1976, has established a wholly-owned subsidiary, known as Jason Energy, which will focus on the offshore oil and gas business. Its marine business will remain under wholly-owned Jason Electronics. Another of its wholly-owned subsidiaries, Jason Asia, will now focus on the Chinese market.
“This reshaping of Jason Marine will ensure that we stay relevant in this tough operating environment. With dedicated sales and technical teams for each unit, we hope this will allow us to be more nimble in extending our market reach and ensure dedicated service to our customers,” Foo, Jason Marine’s executive chairman said at the time.
For the first half last year Jason Marine made a net loss of S$1.9m.
Foo started the company as a sole-proprietorship providing repair services for marine electronics equipment onboard vessels. Since then, the company has transformed into a provider of integrated solutions of communication, navigation and automation systems for the marine and offshore oil and gas industries.
Speaking to Maritime CEO today Foo says that shipowners are demanding ever better connectivity and safety at seas. VSAT systems and ECDIS are most often discussed.
â€¨“Though the shipping business is affected by oversupply of vessels and the slowdown in global trade,” Foo says, “maintenance of existing vessels â€¨that are in operation is needed.â€¨â€¨”
Jason Marine’s Asia focus is very much something Foo is adamant will continue to hold sway.
“Asia is the empire of growth in trade and many of the major ports are located in Asia,” Foo says, adding that the region’s shipbuilding industries will continue to be dominant globally. [04/03/13]