Singapore has identified offshore wind as one of the longer-term targets in the recently published Marine & Offshore Engineering Industry Transformation Map.
The global offshore wind market is projected to exceed USD 130 billion by 2023 and there is an opportunity for Singapore’s oil and gas companies, hit by a prolonged downturn, to venture into this new area, according to Singapore’s Minister for Trade and Industry (Industry) S Iswaran.
The government plans to help the companies interested in diversifying into new industries such as the offshore wind by connecting them with stakeholders and resources, and supporting business partnerships with companies in overseas markets.
One of the examples of previous projects was the collaboration between the government agency IE Singapore and the local company NauticAWT which, with IE Singapore’s assistance, completed its first offshore wind project in China, and is now exploring similar business opportunities in other parts of Asia, Iswaran said.
Singapore-based oil and gas companies are already looking into ways to enter the offshore wind market, with the latest example being the offshore vessel operator Pacific Radiance .