Singapore offshore, marine firms pivot to wind projects in Britain

Apart from oil and gas sector, many are now doing business in renewable energy

- Sue-Ann Tan

Wind turbines generating renewable energy in the North Sea might seem far removed from Singapore, but local firms are increasingly making their mark there, contributing to vital nodes in the global offshore wind supply chain.

Over the years, many Singapore offshore and marine companies have pivoted from just servicing the oil and gas sector to also doing business in renewables. Several are redeploying assets and recalibrating solutions for offshore wind generation.

For instance, Seatrium provides offshore platforms that transmit electricity generated by offshore wind turbines to onshore grids, while Mooreast provides the solutions to anchor the turbines to the seabed. Meanwhile, Cyan Renewables operates wind-farm support vessels.

These Singapore companies all have a presence in Britain, where some of the world's largest offshore wind farms are located, and more are exploring opportunities to diversify or expand into this sector. The North Sea is located to the east of Britain.

The global offshore wind market is expected to grow at a compound annual growth rate of around 22 per cent between 2022 and 2030. By 2030, the industry is expected to be worth approximately US$126 billion (S$169 billion).

Mr Alan Yeo, Enterprise Singapore's director for Europe, said: "In Europe, the green transition is among the top priorities of governments. There are ambitious plans and targets, with large projects in the pipeline.

"Specific to Britain, it is looking to generate 50GW of offshore wind power by 2030, with 5GW from floating offshore wind."

In June, Enterprise Singapore brought nine Singapore companies to Britain to explore potential opportunities in offshore wind.

While Singapore has no domestic wind energy market, local companies, particularly those in oil and gas, have capabilities that can cross over into that space due to their experience in building oil rigs and supporting offshore activities.