Many of these O&M entities, born out of Singapore’s long history as a maritime centre, took on leverage in a bid to grow. However, when the downturn hit — and dragged on — many floundered while others managed to plod along, pleading with their creditors and long-suffering shareholders for patience.
The activity level in the offshore and marine sector is picking up. Memories of the 2015–2016 downturn linger but industry players and analysts believe the current upcycle still has legs
The crop of Singapore-listed offshore and marine (O&M) companies is today very much a pale shadow compared to a decade ago, when oil prices were at a peak and when the call for renewable energy was ignored by most. At that time, electric car company Tesla was still an unknown curio.
