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Marine industry looks to cruise ships, wind farms amid oil slump

Singapore

MARINE and offshore engineering companies are turning to cruise ships, fishing vessels or even sea-based wind farms to keep their earnings afloat as weak oil prices slash new spending by big energy companies.

Many companies that have focused on building or chartering vessels to support offshore drilling and exploration have seen orders and charter rates tumble following a two-thirds drop in oil prices since mid-2014, pushing them to diversify.

Singapore-listed Vard Holdings last month signed...

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