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PaxOcean Engineering increasing its shipyard offerings

PaxOcean Engineering increasing its shipyard offerings
Singapore-headquartered shipyard group Paxocean Engineering [B2 – G15] is planning to increase its offerings in newbuilding, retrofits and conversions.

PaxOcean has six shipyards, one in Singapore, two in China and three in Batam, Indonesia.

“In the short term of one-to-five years, we plan to increase our capacities for newbuildings, retrofitting and conversions as well as in the ship repair business,” PaxOcean ceo Tan Thai Yong, told Seatrade Global.

These developments will include the second phase of PaxOcean Zhuhai, which started in late 2014 with a wider fully covered launch way. PaxOcean Zhoushan will start operating a new graving dock of 380 m x 80 m in May this year.

Meanwhile in Indonesia PaxOcean Pertama will expand with a new 380 m x 80 m graving dock in 2017.

Having a portfolio of six yards in the region is something that Tan sees as giving the group a competitive edge. “PaxOcean being a group with six yards is also a competitive factor as we are able to leverage on the buying power to drive better deals from the procurement perspective. We are also able to share knowledge and human resources across the yards as needed,” he explained.

Although a relatively young group PaxOcean has already built up considerable experience in the offshore sector. “Newbuilding and conversion of DP2 or DP3 semi-sub accommodation vessels, jack-up rigs and work boats as well as high-value offshore support vessels are key areas focused on by PaxOcean Shipyard Group,” he said.

On the impact of the of the lower oil price on its business Tan commented: “While not dramatic due to the relatively short time frame, there have been rippling effects to PaxOcean business caused by the lower oil price.”

Tan was speaking to Seatrade Global on the opening day of the Sea Asia conference and exhibition in Singapore, which runs through until Thursday April 23, and is organised by Seatrade and the Singapore Maritime Foundation (SMF).