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SPEECH BY MR S ISWARAN, SENIOR MINISTER OF STATE FOR TRADE &
INDUSTRY AND EDUCATION, AT KEPPEL FELS’ RIG NAMING CEREMONY FOR
PV DRILLING II AND PV DRILLING III
ON 9 SEPTEMBER 2009 AT 9.30AM
Mr Dinh La Thang, Member of Party Central Committee and Chairman of Petro
Vietnam;
Mr Ngo Van Sang, Director General of Oil & Gas Department;
Mr Le Nhu Linh, Chairman of PV Drilling;
Mr Do Van Khanh, CEO of PV Drilling;
Mr Choo Chiau Beng, Chairman of Keppel Offshore & Marine;
Distinguished Guests;
Ladies and Gentlemen;
Good morning.
Introduction
1.
It is my pleasure to join all of you today to celebrate the naming of PV Drilling II
and PV Drilling III. I would also like to extend a warm welcome to our guests from
Vietnam.
Excellent bilateral economic ties
2.
Vietnam and Singapore enjoy excellent ties and broad-based co-operation in
many areas.
3.
For example, the Singapore-Vietnam Connectivity Framework has developed into
a key pillar of our bilateral economic relationship. We have achieved good
progress across all six sectors of cooperation - finance, education and training,
investment, information technology and telecommunications, trade and services,
and transportation.
4.
The early completion and delivery of PV Drilling II and III marks yet another
milestone in the deepening relationship between our two nations. It will put
Singapore’s maritime cluster in good stead to support Vietnam’s growing oil and
gas sector.
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Strengths of Singapore’s marine and offshore industry
5.
Today’s naming of the twin rigs once again underscores the strengths and
capabilities of Keppel and Singapore’s marine and offshore industry. Our
shipyards have long established a strong reputation for quality and timeliness.
They have also gained prominence for their ability to offer specialised services
and handle sophisticated projects. This is testament to the skilled and disciplined
workforce, as well as the strong project management capabilities within the
industry.
Singapore’s marine industry can seize opportunities amidst challenging times
6.
Since the 1970s, Singapore’s marine and offshore industry has weathered several
challenging cycles, and it has always reinvented itself to emerge stronger and
more resilient. Today, we are a leading ship repair centre and the top offshore rig
builder in the world. Last year, the industry achieved a record output of S$17.8
billion, an 8.6% increase over 2007. The industry employed some 69,000 workers,
up by 8.5% from 2007.
7.
Due to the global economic slowdown, the marine and offshore industry has been
affected by volatile oil prices and weaker shipping volumes. However, growth
opportunities still exist. Today’s naming event for Keppel and Vietnam-based PV
Drilling is a good example of how companies can place renewed emphasis on
their pursuit of overseas market opportunities and fostering new partnerships.
They should also continue to upgrade their capabilities in order to seize available
opportunities.
Upgrading our capabilities in the marine and offshore sector
8.
Singapore’s strong position in the marine and offshore industry puts us in good
stead to turn adversity into opportunity. We aim to differentiate ourselves by being
an integrated marine hub that offers world-class shipyards with leading-edge
capabilities. We also deliver comprehensive marine-related services, such as
classification, naval architecture and marine engineering services. Singapore
strives to be a compelling location for the design and manufacturing of complex
marine systems and components, as well as marine R&D activities.
9.
We will do so by continuing to build up new capabilities in design and engineering,
helping the industry upgrade its skills base and develop its workforce, as well as
investing in infrastructure and restructuring ourselves to offer more value. This
will prepare us well for the upturn when it comes, and extend Singapore’s
leadership position into the coming decade.
Conclusion
10. In closing, I would like to congratulate the management and staff of Keppel and
PV Drilling on the successful completion and naming of PV Drilling II and PV
Drilling III. It is the result of your hard work and I wish all of you continued
success in the years ahead. Thank you.
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