March 2016, Vol. 243, No. 3

Features

Oil Price Crisis Pushes East Asian Offshore Hub to Malaysia

Singapore, once a preferred hub for oil and gas exploration companies, is losing its world class status as four of the world’s top multinational subsea contractors announce plans to shift the bulk of their operations to neighboring Malaysia where cheaper operational costs will help them survive low crude oil prices. It’s a short-term type of thinking that represents the desperate fallout of persistently low crude oil prices. Singapore and Malaysia have long been in a tough competition to solidify their status as the regional hub for offshore and marine companies. But lately, concerns have emerged about the competitiveness of Singapore as the weight is tilting towards cheaper Malaysia where