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Drydocks backs Singapore Eximbank

by Tan Hwee Hwee

Singapore should look at setting up an export credit agency, which will level up the playing field for offshore builders against other players for large capex projects.

Crude is trading at $75 to $85, above the breakeven point of $40 to $45 for most oil and gas project, but financing remains a challenge for most offshore builders and their clients, Drydocks World South East Asia’s chief executive, Denis Welch said.

The setting up of an export credit agency will level up the playing field for Singapore builders against their competitors in South Korea and China.

It will also stimulate the development of technical expertise and infrastructure in Singapore.

Yards operating out of Batam could also be tapped on to support Singapore projects, according to Welch.

A strong rig and shipbuilding capability in Batam helps the Singapore Maritime Industry develop its technology and equipment supply - a much better prospect than China, Welch said.

Drydocks World SE Asia operates yards in both Singapore and Batam. The chief of the South-east Asian arm of Dubai Drydocks World believes the underlying fundamentals of the oil and gas industry – though constrained by the lack of credit - remain strong.

Drydocks has commenced construction of two jack-up rigs on speculation basis, on an expected rebound in the offshore sector marine 18 months down the road, according to Welch.

The yard operator has also branched out to construction of windmill installation vessels on the back of a pick-up in offshore wind development.

Drydocks has delivered five such vessels so far to Dutch outfit, Jack-Up Barge. A second self-propelled jack-up construction vessel due for delivery to repeat customer, Master Marine, in the third quarter, will start work on Statoil’s Sheringham Shoal windfarm project in January 2011.

Drydocks is understood to be hunting for a buyer for another windmill installation vessel under construction at its Batam yard.

Welch was speaking to Upstream at the naming ceremony of Hallin Marine’s subsea operations vessel, Windermere.

Construction on the SOV was completed in 14 months’ time.

The newbuild is Hallin’s second newbuild with Drydocks World after Ullswater. Hallin has recently signed on Drydocks to build a compact semi-submersible well intervention vessel, the CSS Derwent. The vessel will join Hallin's fleet in the second quarter of 2012.
From <a href="http://www.upstreamonline.com/live/article217668.ece?WT.mc_id=rechargenews_rss" rel="nofollow" target="_blank">http://www.upstreamonline.com/live/article217668.ece?WT.mc_id=rechargenews_rss</a><br /> <br /> <span style="font-size: 14pt"><span style="font-weight: bold">Drydocks backs Singapore Eximbank</span></span><br /> <br /> by Tan Hwee Hwee <br /> <br /> Singapore should look at setting up an export credit agency, which will level up the playing field for offshore builders against other players for large capex projects.<br /> <br /> Crude is trading at $75 to $85, above the breakeven point of $40 to $45 for most oil and gas project, but financing remains a challenge for most offshore builders and their clients, Drydocks World South East Asia&rsquo;s chief executive, Denis Welch said.<br /> <br /> The setting up of an export credit agency will level up the playing field for Singapore builders against their competitors in South Korea and China.<br /> <br /> It will also stimulate the development of technical expertise and infrastructure in Singapore.<br /> <br /> Yards operating out of Batam could also be tapped on to support Singapore projects, according to Welch.<br /> <br /> A strong rig and shipbuilding capability in Batam helps the Singapore Maritime Industry develop its technology and equipment supply - a much better prospect than China, Welch said.<br /> <br /> Drydocks World SE Asia operates yards in both Singapore and Batam. The chief of the South-east Asian arm of Dubai Drydocks World believes the underlying fundamentals of the oil and gas industry &ndash; though constrained by the lack of credit - remain strong.<br /> <br /> Drydocks has commenced construction of two jack-up rigs on speculation basis, on an expected rebound in the offshore sector marine 18 months down the road, according to Welch.<br /> <br /> <span style="font-weight: bold">The yard operator has also branched out to construction of windmill installation vessels on the back of a pick-up in offshore wind development.</span><br /> <br /> Drydocks has delivered five such vessels so far to Dutch outfit, Jack-Up Barge. A second self-propelled jack-up construction vessel due for delivery to repeat customer, Master Marine, in the third quarter, will start work on Statoil&rsquo;s Sheringham Shoal windfarm project in January 2011.<br /> <br /> Drydocks is understood to be hunting for a buyer for another windmill installation vessel under construction at its Batam yard.<br /> <br /> Welch was speaking to Upstream at the naming ceremony of Hallin Marine&rsquo;s subsea operations vessel, Windermere.<br /> <br /> Construction on the SOV was completed in 14 months&rsquo; time.<br /> <br /> The newbuild is Hallin&rsquo;s second newbuild with Drydocks World after Ullswater. Hallin has recently signed on Drydocks to build a compact semi-submersible well intervention vessel, the CSS Derwent. The vessel will join Hallin's fleet in the second quarter of 2012.
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