Singapore companies in the marine and offshore engineering (M&OE) industry can develop new capabilities to benefit from growth areas like liquefied natural gas. There is much to gain from embracing digitalisation and artificial intelligence to improve your business efficiency and generate new revenue streams.
Here is the support available to grow your business in the M&OE industry.
Your business can take advantage of Singapore’s heavy investment in infrastructure to support our energy needs:
You can use the Singapore liquefied natural gas (LNG) terminal to support physical LNG trading in the region.
The terminal has a processing capacity of 11 million tonnes each year. It will complete a fourth storage tank in 2018, which will increase the terminal’s ability to support storage, reloading and break-bulking of LNG in the region.
In the future, your business can also use the LNG bunkering facilities at the port of Singapore. The Maritime Port Authority of Singapore is regulating LNG bunkering standards and procedures at both the national and international levels, investing up to S$24 million to boost LNG bunkering.
If your business is in LNG, you can use the SGX LNG Index Group (SLInG). This initiative by the Singapore Exchange (SGX) and the Energy Market Company aims to offer a neutral Asian gas price index.
This Index is suitable for most Asian seaborne LNG trade, whether it is offloaded or stored in Singapore, or passes through the country. In 2016, SGX launched swaps and futures derivatives as risk management tools based on the SLInG index.
Learn how to use the tools at the SGX LNG Index Group.
Your employees can get trained and access the latest innovations from Singapore’s first research facility for marine and offshore engineering, that will be ready in 2019.
TCOMS is a joint venture between the Agency for Science, Technology and Research (A*STAR) and the National University of Singapore.
Your employees can have a unique training experience as the research facility aims to be the next-generation Deepwater Ocean Basin, equipped with state-of-the-art wave and current generation systems that can simulate challenging ocean environments.
You can look forward to the research facility’s innovations in intelligent floating platforms and vessels, autonomous systems, marine robotics and subsea systems.
Start Digital is an initiative, in collaboration with IMDA, under the SMEs Go Digital programme to help SMEs adopt digital solutions right from the start.
New companies often prioritise business development and profit generation. As a result, operations management may take a backseat. By digitalising early, you can better focus and capture opportunities for your business without being constrained by day-to-day operations.
With our Start Digital Pack, SMEs can get access to modular digital solutions that will help accelerate their start up process and business growth. For more information, visit www.imda.gov.sg/StartDigital.