Singapore support

Thome has welcomed the recent announcement by the minister of trade and industry, S Iswaran, that the Singapore government is working in consultation with the marine and offshore engineering sectors, plus the region’s financial institutions, to review the possible need for measures to help them recover from the economic downturn prolonged by the recent slump in oil prices. Government-backed loans are already provided to help with cash flow but the offshore sector has been particularly hard hit by the recession with thousands of job losses. “A healthy marine industry is crucial to the Singapore economy and so it is good news”, said Claes Thorstensen, president of the Thome Group. The minister also announced S$107 million (US$77 million) to help develop a new research centre for the industry.