AsiaOffshore

Singapore government mulls aid for ailing offshore sector

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.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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