08 Mar '11, 3pm

Singapore's offshore & marine sector to benefit from deep sea drilling

Singapore's offshore & marine sector to benefit from deep sea drilling

SINGAPORE : Analysts have said that strong demand for oil and rising prices have led to a resurgence of drilling activities, and Singapore's offshore and marine sector stands to benefit. They add that oil-rig builders such as Keppel and Sembcorp Marine should see more orders coming through. It has been almost a year since the oil spill in the Gulf of Mexico. And analysts said that deep sea drilling activities in the area should resume soon. Just last week, US energy firm Noble Energy was the first to receive permission from regulators to continue deep sea drilling in the Gulf of Mexico, after a ban by the Obama administration. Analysts said that Singapore's deepwater oil-rig builders - Keppel and Sembcorp Marine - stand to gain. Low Pei Han, investment analyst at OCBC Investment Research, said: "We are also monitoring resumption of activities in the Gulf of Mexico, because...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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