Another O&M player exits Singapore for Kuala Lumpur

Singapore

IT used to be a tale of two cities with Singapore and Kuala Lumpur each competing to host regional headquarters for offshore and marine (O&M) players. But against a backdrop of persistently low oil prices, fresh concerns have emerged over Singapore's competitiveness as an O&M hub, following a decision made by a fourth top-tier international subsea contractor to ship out most of its operations to Kuala Lumpur.

A fortnight ago, Oslo and Nasdaq-listed Subsea 7 reached a decision to move its regional headquarters to Kuala Lumpur from Singapore.

The Business Times understands the move, to be completed by the third quarter of 2016, will see about two thirds of the 90-strong staff in Singapore made redundant. An informed source told BT Subsea 7 will offer only a handful of its staff in Singapore relocation options to Kuala Lumpur. The offshore crewing and logistics supply chain management will remain…