SINGAPORE -- Singapore's marine and offshore industry has been experiencing significant growth. At the launch of the regional office of Japan's Mitsui Ocean Development & Engineering Co. (MODEC) Ltd.'s region office in Singapore, Ko Kheng Hwa, managing director of the Economic Development Board said he expects to see a 30% increase in the region's output above the $7.8 billion earned in 2006.
Ko pointed out that Singapore has 70% of world market share for jackup rig newbuilds, and builds 70% of world's FPSO facilities. Singapore is also the largest oilfield equipment manufacturing site in Asia-Pacific, with companies like Schlumberger and Halliburton operating global plants on the island city state. Ko says Singapore has become the Asia-Pacific region's most comprehensive offshore engineering center, with capabilities in floating production, processing, subsea equipment, pipelines, and installation engineering.
"The competitiveness and scale of our marine and offshore cluster are attracting more and more companies with sophisticated capabilities, such as MODEC, to expand their presence in Singapore, reinforcing our reputation as the 'Houston of the East,'" Ko said.
MODEC has chosen Singapore as its third Global Hub and Project Execution Centre, to complement Tokyo and Houston, establishing a 250-person regional office to carry out engineering work and operate FPSOs in Asia.