The Singapore marine and offshore industry saw a 32 per cent surge in output last year to a record S$9.8 billion.
Demand was driven by the high oil prices and the increased level of oil and gas exploration and production activities. The Association of Singapore Marine Industries says all three key sectors of the industry set new benchmarks in revenue. The three sectors are offshore, ship repair and conversion, and shipbuilding. The offshore sector led the pack with a 36 per cent jump in revenue to S$3.2 billion. Ship repair and conversion projects improved by 29 per cent to S$4.9 billion. The sector accounted for 50 per cent of the industry's turnover. Shipbuilding revenue gained 32 per cent to S$1.7 billion.
Demand was driven by the high oil prices and the increased level of oil and gas exploration and production activities. The Association of Singapore Marine Industries says all three key sectors of the industry set new benchmarks in revenue. The three sectors are offshore, ship repair and conversion, and shipbuilding. The offshore sector led the pack with a 36 per cent jump in revenue to S$3.2 billion. Ship repair and conversion projects improved by 29 per cent to S$4.9 billion. The sector accounted for 50 per cent of the industry's turnover. Shipbuilding revenue gained 32 per cent to S$1.7 billion.