Singapore Government to Invest Sgd$100 Million to Boost Growth in Offshore Energy Over the Next 5 Years

Wedoany.com Report-Nov 25,The Singapore Minister of State for the Ministry of Culture, Community and Youth & Ministry of Trade and Industry, Alvin Tan, has announced a new SGD$100 million support package for marine and offshore engineering companies, aimed at fostering growth in offshore wind, floating storage and digitalisation over the next five years.

Tan announced the government investment at the three-day OSEA 2024 tradeshow in Singapore on Tuesday, November 19, an event that provides a comprehensive look at solutions and strategies driving the energy transition in the marine and offshore industries.

During his speech announcing the investment, Mr Tan emphasised Singapore’s commitment to becoming a greener economy, given the accelerating pace of the energy transition, with a goal of achieving net-zero emissions by 2050, as outlined in the nation's Green Plan.

The conference emphasised the urgent need to accelerate the energy transition and foster global collaboration. Speakers highlighted the competitive advantage of adopting solutions now to meet regulatory targets, while stressing the need for faster adoption of transformative technologies, such as carbon capture and storage (CCS), alternative fuels and digital innovations for automation and efficiency.

“There is work still to be done; we must embrace the energy transition, collaborate, and learn from each other, because we all play a role in the low-carbon economy” said Professor Chan Eng Soon, Chairman for the OSEA Advisory Committee and Chief Executive Officer at Technology Centre for Offshore and Marine Singapore (TCOMS), commenting on OSEA being at the forefront of innovation and driving sustainability.

Additionally, there were exclusive content sessions ranging from Executive Networking sessions, the OSEA Academy and Country Hotspots, specially designed to provide marketing information, innovation and trends. This included highlighting specific offshore energy market and investments potentials, as well as driving connections among decision makers and experts.

The industry’s need to decarbonise and change has brought unprecedented challenges and opportunities to the offshore energy market. This echoed across the exhibition hall, with leading companies such as Seatrium discussing and highlighting initiatives on new fuels, CCS, and cleaner offshore production for marine decarbonisation, as well as initiatives showcased by the group pavilions. Yinson GreenTech unveiled its new electric crew transfer vessel Hydroglyder, which is Singapore’s first fully electric hydrofoil vessel and marks a significant move towards sustainable marine innovation.

Similarly, TechX@OSEA showcased transformative technologies, including startups shaping the future of offshore energy and driving innovation, collaboration, and the adoption of solutions that enhance business capabilities and sustainability. Leedon Nox reinforced its core capabilities as an industrial gas supplier with engineering and consultancy expertise ensuring reliability for customers in offshore operations, while Aramco displayed initiatives that support the future of energy, powering economies that fuel progress worldwide.

Strategic Marine, Mirai Ships Inc., and Ragnar Energy Solutions signed a Memorandum of Understanding for the construction of Crew Transfer Vessels (CTVs) to support the growing Japanese offshore energy market and advancing global shipbuilding collaboration.

“Forging partnerships, collaboration, and community building will play a vital role in the transformation of the offshore energy industry” added Sukumar Verma, Managing Director, Informa Markets Singapore. “OSEA reinforces the power and reputation of Singapore as an important leader in global offshore energy and as a key maritime hub. I am proud of how Informa Markets continues to provide an inspiring and informative platform for the offshore energy community with creative thinking to support professional development, individual wellbeing and industry growth. Thank you to all exhibitors, speakers, partners and visitors for your excellent collaboration.”

OSEA will return to Singapore in November 2026.