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Singapore shipyards bag S$4.9b in new orders despite dive in demand

Marine industry chief calls for prudence, 'rightsizing', and R&D investment

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Low oil prices have depressed exploration and production capital expenditure, resulting in cut-backs in drilling activities and falling demand for drilling rigs, Mr Chow said.

Singapore

SINGAPORE shipyards secured S$4.9 billion in new orders during 2015, demonstrating the willingness of some offshore and marine (O&M) players to invest and build up capabilities and capacities for the longer term despite the global economic downturn and uncertain market