Battered marine players turn to cruise ships, fishing vessels to combat oil slump

Diversification is key to stay afloat.

Marine and offshore engineering companies in Singapore and across the region are grasping at straws to stay afloat as oil majors continue to slash expenditure on back of low prices. A report by Reuters highlighted that O&M players are turning to cruise ships, fishing vessels or even sea-based wind farms to supplement their earnings, as orders and vessel charter rates tumble.

For instance, SGX-listed Vard Holdings last month signed a letter of intent to build four luxury expedition cruise ships for French company Ponant. The vessels are designed to carry thrill seekers to the polar regions and remote ports that are inaccessible to most ships.

Read the full report here.