O&M sector's turnover down 11.3% last year

Singapore

A PROLONGED winter in the oil price-linked marine and offshore engineering (MO&E) sub-sector dented the topline performance of Singapore's offshore and marine (O&M) industry in 2016.

The Association of Singapore Marine Industries' (Asmi) outgoing president, Chua San Lye, has nonetheless described the industry's performance as "respectable".

Total turnover for the industry in 2016 was S$13.06 billion, 11.3 per cent lower than or over S$1 billion shy of the S$14.73 billion in 2015.

Turnover was down across three sub-sectors. Shipbuilding took the biggest hit, with a revenue decline of 31 per cent year on year. This was followed by offshore rig-building, which saw a 13.4 per cent slide in revenue. Ship-repair and conversion also suffered a 6 per cent slide in …