According to NewsBase, Asian yards are struggling because of deferred deliveries and contract cancellations as the price crash has seen E&P budgets slashed around the world. Sembcorp and Keppel are both backed by Singapore’s sovereign wealth fund, which makes them better placed to survive the downturn.
In comments to NewsBase, Lawrence Chong, CEO of Consulus shared that by 2024, all of Sembcorp’s yard will be consolidated there. “The project is an ambitious one, as it involves a total rethinking of the marine sector … such as the role of sub-contractors and how to upgrade their skills too through research and technology,” he said.
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