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ASMI turnover up 33% on oil and gas boom

Singapore: Total output for Singapore's marine and offshore industry surged 33% to reach S$13.05 billion (USD9.55bn) in 2007, reports the Association of Singapore Marine Industries, compared to $$9.8 billion the year before. The result was the fourth consecutive year of growth, from a base of S$3.79 in 2003.

"The outlook for the Singapore marine and offshore industry remains good as the offshore boom is expected to continue over the next few years," commented ASMI president Michael Chia. "The good prospect for the industry is evident in its order books which remain strong with contracts secured in 2007 exceeding S$12.8 bn."

Record revenues were achieved in 2007 by each of the three main sectors: Ship Repair & Conversion, where turnover was up 28% to S$6.26b; Offshore, up 53% to S$4.95bn; and Ship Building, up 10% to $S1.82bn.

In the ship repair & conversion field, the Singaporean industry completed 11 FPSO (Floating Production, Storage and Offloading), FSO (Floating Storage and Offloading) and FPU (Floating Production Unit) projects during 2007 as well as higher value added repairs, leading to the strong growth.

The offshore sector included the construction, repair, upgrading and conversion of all types of offshore drilling and platform units, including the successful delivery of some 12 jack-up rigs.     

And the shipbuilding sector saw the launch of 102 vessels totalling 349,000grt in 2006 compared with 127 vessels of 248,000 grt the year before - a sign that Singapore yards are moving up in vessel size as well as complexity. The main type of vessels built included offshore supply vessels, anchor handling supply tugs, containerships, tankers, catamarans, patrol and pleasure craft and yachts.  [10/06/08]

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