P-B003 challenges of the offshore & marine industry in singapore

• Main Author: Yeo, Melvin Wen Hui
• Other Authors: Zhong Zhaowei
• Format: Final Year Project
• Language: English
• Published: 2016
• Subjects: DRNTU::Engineering; DRNTU::Engineering::Maritime studies; DRNTU::Engineering::Maritime studies::Maritime management and business; DRNTU::Engineering::Mechanical engineering
• Online Access: http://hdl.handle.net/10356/68673
• Institution: Nanyang Technological University

The offshore and marine industry in Singapore is a vibrant and world-class sector employing close to 75,000 workers and with an annual turnover amounting to S$17.23 Billion. We are the largest manufacturer of jack-ups and command 70% of the world’s market. But not all is smooth sailing in this industry as it is cyclical with dependence on oil prices. Throughout the years the industry has withstand many ups and downs and emerge stronger but there are indeed still challenges faced that we will need to look into. In this report, we will study and analyse the problems faced by the industry and propose solutions to solve them. The challenges can be categorise into pricing, productivity, technology and innovation. In pricing, it seems that we are not as competitive as countries such as China, Vietnam etc. Therefore we will look at ways such as cutting down on direct labour, buying OEM brands, early bulk purchase, using term contracts etc. to counter these issues. In productivity, we look at ways to improve such as integrating of design and production, having a build strategy, planning the construction etc. For technology, we discuss on using automation such as CNC and robotics to improve the building process. Lastly for innovation, we will discuss on sixth generation technology, Research and Development and emerging market trend. With the above proposed solutions, we believe that the industry will be able to cope better with the rising challenges. However, more developments needs to be done in terms of automation or robotics as these are the key pillar for the industry to progress successfully towards the sixth generation.