Swissco sees opportunities in volatility
The group has a steady supply of work from national oil companies which puts it in a strong position.
OIL prices may be plummeting and the offshore and marine industry may appear to be in an uncertain position but there are bright spots for some amid the gloom as well.
Specifically, low prices may create an environment where others can buy assets cheaply. SGX mainboard-listed Swissco Holdings is one such company that is optimistic despite the downturn as it feels that it is in a position to not only weather the storm, but also benefit from it.
For instance, the group believes that current environment will help moderate the supply of vessels and rigs in the market. According to Tan Fuh Gih, executive director of the group's rig business, low oil prices will help weed out the pretenders in the industry, who have added to the supply of rigs in recent years.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Shein steps up London IPO preparations amid US hurdles to listing, sources say
Apple scores win in labor case involving fired retail workers
US: Stocks closes up another weekly gain ahead of inflation data
Europe: Stocks close at record high on earnings, rate cut optimism
Oil falls on prospect of higher-for-longer US rates, stronger dollar
Frasers Property H1 profit slides 81% on property value losses, lower residential contributions