Singapore’s Offshore Sector Eyes a Comeback

During the 2019 market downturn, several major Singapore based companies underwent significant restructuring and financial pressure. However, this challenging environment also created opportunities for agile and well capitalised local companies to strengthen their position through strategic acquisitions.

Smaller Singapore-based owners took advantage of depressed asset prices, securing quality offshore support vessels and positioning themselves for recovery as market conditions improved. Among these moves, Eastern Navigation made a notable investment by acquiring four former Toisa vessels as a package deal. The deal included three large AHTS vessels, built between 2013 and equipped with 18,767 BHP, along with an MPSV, each purchased at a highly competitive price point. These well-timed investments highlight a shift in the industry, where leaner and financially disciplined companies are emerging as influential players in the offshore sector.

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