Mr Mark Gainsborough, Chairman of Seatrium,
Mr Chris Ong, CEO of Seatrium,
Mr Loh Boon Chye, CEO of Singapore Exchange,
Distinguished Guests,
Ladies and Gentlemen,
Good morning.
1. I am pleased to join you here today to witness the launch of the Seatrium brand.
2. Our Marine and Offshore Engineering (M&OE) sector has a rich history. It has contributed to our maritime tradition, and progressed with the nation through our journey of industrialisation. We now have an ecosystem of more than 1,000 small and medium enterprises, anchored by world-leading homegrown companies. Today, two of these companies – SembMarine and Keppel O&M – have come together to form Seatrium.
3. This is a significant development in the M&OE industry, and marks a turning point for the sector as it emerges from a cyclical downturn and the impact of COVID-19. The pandemic revealed the sector’s vulnerabilities caused by reliance on labour-intensive production processes and supply chain disruptions. Volatile oil prices and the global energy transition have also tested your mettle and posed fundamental questions on the future of the sector.
4. So I am glad that the sector recognises that it cannot be business as usual. For example, you are now moving decisively into the renewables business and creating new products to capture opportunities in the Green Economy. But the journey of transformation is an unending one. Amidst a rapidly evolving external environment and tightening domestic resource constraints, businesses must stay nimble and be prepared to pivot, not only to catch the wind of new opportunities, but also to ensure that their business models are resilient and fit for the future.
5. As you prepare to launch the Seatrium brand on the world stage, I encourage you to always embrace the same qualities that have helped you weather the storm of the last few years: innovation, resilience, adaptability. The Government will work with you to improve the sector’s productivity, capture new opportunities, and even reimagine the sector’s future for many years to come.
6. Once again, my warmest congratulations to Seatrium on this momentous occasion.