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6ASIAMARINE&OFFSHOREINDUSTRIESDIRECTORY2023/2024SingaporesM&OE and sea transport sectorshavestartedtodiversifyintothegreeneconomyandlower-carbonsolutionsTheserangefromthedesignandinstallationofoffshorewindfarms to the electrification of vessels and the useofcleanerfuelssuchasammoniaandhydrogentodriveocean-goingshipsLocalenterprisesarealsoexploringthetransportationstorageandbunkeringofammoniaandhydrogenTheindustryisnotedlyleveragingitsexpertisetocontributetotherenewablessectorSembcorpMarine(Sembmarine)saidthatitislookingtomakethemostoftheglobalenergytransitionandhasidentifiedoffshorerenewablesnewenergiesandcleaneroffshoreandmarine solutionsaskeyareasofopportunitygoingforwardItpredictsthatthe valueof workthatwillbeavailableoverthenextdecadeintheoffshorerenewablesmarketwillcomeinataround$260billionwithafurther$290billionfromitsmoretraditionalmarketsInMarch2023SembmarineanditsconsortiumpartnerGERenewableEnergysGridSolutionsjointlysecuredaframeworkcooperationagreement(FCA)fromDutchtransmissionsystemoperatorTenneTThiscontractmarksthelargestoffshorerenewablesprojecttobesecuredbySembmarinetodateTheagreementcomprisesthreecontractstosupplyhighvoltagedirectcurrent(HDVC)electricaltransmissionsystemsforthreemegaoffshorewindfarmprojectsforacombinedcapacityof6GWintheNetherlandsaspartofTenneTsoffshoregridaccelerationprogrammeEachofthecontractsisvaluedatabouttwobillioneuros(S$29billion)reportedSembmarineOffshorerenewablesisanimportantpillarofourbusinessandwewillcontinuetodevelopcleanergreenerandrenewablesolutionsacrossourentirebusinessvaluechainintheoffshoremarineandenergysectorsChrisOngchiefexecutiveofSembmarinepointedoutAccordingtoaRystadEnergyreportglobaloffshorewindexpenditureisexpectedtogrowatacompoundannualgrowthrateof11percentthisdecadeandthemarketwillbeworthUS$126billionby2030InareportbyBloombergNEFtheglobalfloatingoffshorewindmarketisexpectedtoincrease toacumulative276gigawattsby2035fromjust01gigawattcurrentlyinstalledThatrepresentstremendousgrowth