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Latest From Vincent Wee
While probably not ideal for the market as a whole and not welcome to players with better assets, the recent trends keeps some companies in business during the current tough times
The first contract is between Keppel Shipyard and a leading operator of oil and gas production vessels for fabrication and integration work on an FPSO vessel. The second is between Keppel FELS and Diamond Offshore for the upgrade of a drilling semi-submersible rig
The decisions of owners in controlling the supply side of the equation will also be important and more scrapping is needed in addition to curtailing newbuildings to bring the market back into balance
Current volumes are low however and market penetration will ultimately depend on end-to-end supply chain costs, analysts warn
The prospect of a major incident happening in port close to a population or commercial centre was brought up as a possible disaster scenario that would quickly change perceptions