Singapore’s minister for trade and industry has hinted the government might help out the city-state’s ailing marine and offshore engineering (M&OE) sector.
Giving a speech yesterday, S Iswaran said: “The government is studying, in consultation with the M&OE industry and financial institutions, the need for measures for the sector. However, while the government will endeavour to render assistance where appropriate, it cannot be a panacea.”
Singapore’s offshore sector has been hit hard by the continued low price for oil with many companies reporting dire financial results. At the end of July, Singapore-listed oilfield services provider Swiber Holdings sought judicial management.