Posted by administrator on 14 Dec 2016 10:34:35
Singapore will provide financing support to the country’s marine and offshore engineering companies to help ease some of the liquidity problems the industry has been facing amid weak oil prices.
Companies in that sector will have access to borrow as much as S$5 million ($3.5 million) each for as long as six years, the Ministry of Trade and Industry said in a statement Friday. The maximum amount a borrower group will have is S$15 million, it said. The loans will be available starting next month, it said.
The global center for oil-rig construction for decades, the slowdown in the industry contributed to Singapore’s economy contracting in the third quarter as companies struggle to meet debt obligations and cut jobs. Output in the marine and offshore engineering sector fell 32 percent in the 10 months through October from a year ago, the worst-performing industry in the island city, according to data from the country’s Economic Development Board.
“Some industry consolidation is inevitable as companies restructure and adapt to the challenging environment,” S. Iswaran, Singapore’s minister for trade said in the statement. “These targeted measures aim to help preserve the marine and offshore engineering industry’s core capabilities, which have been built up over the years and will be important to seize future
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