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 Companies pivot to longer-term green strategies
The SGX research report on 22 April 2022 highlighted that while the Maritime and Offshore Services sector continues to be governed by crude oil price movements in the near-term, companies have been pivoting clean and renewable energy related businesses, as part of their longer-term strategies.
The report cited examples of the pivots some companies have done:
Yangzijiang Shipbuilding
Committed to develop strategic growth in LNG-related capabilities and shift towards net- zero emissions and shipping carbonisation. The company currently has R&D centres in China focusing on green vessel technology and will be setting up an advanced maritime R&D centre in Singapore to focus on areas such as green vessel technologies as well as autonomous vessels, cyber- physical simulations, digital twinning and advanced low latency communication systems.
Keppel Corp
In line with the company’s Vision 2030, which puts sustainability at the core of the Group’s strategy, business units have seized opportunities in renewable energy such as solar and offshore wind. For example, Keppel hopes to grow renewables portfolio to 7 gigawatts by 2030, with hopes to achieve it by 2025 (source Business Times). The group is also part of a consortium which is acquiring a majority stake in a solar platform (Cleantech Renewable Assets) to accelerate its growth in this space.
Sembcorp Marine
The company aims to grow sustainable solutions (covering gas, renewables and cleaner energy) to 40% of its overall revenue by 2030 (currently 30% as of FY2021). Sembcorp Marine recently, via its subsidiary, secured a contract to construct a Wind Turbine Installation Vessel (WTIV) based on its in-house design in collaboration with the customer.
Kim Heng
Pivoted away from oil and gas sector since 2014 and focuses now on offshore windfarm renewables. Company is leveraging on its capabilities, experience and track record in the oil and gas sector to reapply them to renewable energy and marine construction. The company intends to look for opportunities in offshore windfarm renewables segment and expects more contract wins in renewable energy.
Marco Polo Marine
The company has been diversifying its customer base beyond the oil & gas sector, with some of its vessels now supporting construction of offshore windfarm projects in Taiwan. Close to 20% of its currently utilized vessels are working on offshore windfarm projects, with contribution to its financial performance. Aside from this, Marco Polo intends to support the operation and maintenance of offshore windfarms after they are built.
                         According to independent energy research firm, Rystad Energy, global offshore wind expenditure is projected to grow at a compound annual growth rate of 11% this decade to reach US$126 billion per year by 2030. The opportunities for growth are immense for the industry.

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