Call it good timing: With oil back over US$60 a barrel, when better to launch the industry transformation map (ITM) for the beleaguered marine and offshore engineering sector?
The launch is both a vote of confidence and a sign of resolve to ensure that the sector, now entering the fourth year of its downturn, will remain relevant to Singapore. After all, it accounted for $3.6 billion, or 1 per cent of gross domestic product, and employed more than 23,000 locals in 2016.
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