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Singapore to ramp up marine investment

18 Apr 2016

Singapore marine and offshore engineering companies are now relying on cruise ships to keep their earnings afloat as weak oil prices continue to challenge large energy corporations.


Many energy giants are beginning to focus on building or chartering vessels to support offshore drilling and exploration.


Last month, Singapore-listed Vard Holding signed a letter of intent to build four luxury expedition cruise ships for Ponent.


"We need to - and we want to - reactivate that and make that a much bigger part of the business, now that the oil and gas market is down," said Mr Holger Dilling, an executive vice-president at Vard.


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