Oil and gas industry cannot remain as it is

Just when many think the worst is over for the oil and gas industry, another piece of bad news hits. This has been the pattern for the past few years.

Those in the industry need to take quick radical action if they are to survive.

For a start, our yards, which are known to be among the best in the world, need to diversify further and undertake any kind of work that comes along.

This can vary from the building of oil rigs to floating production, storage and offloading vessels. If necessary, they should embrace conversion and repair jobs as well.

Our yards should also embrace new technologies that will elevate their relevance in a fast-changing shipbuilding sector.

Among these are 3-D printing technology, shipbuilding robotics, ballast free ship design, liquefied natural gas fuelled engines, and solar and wind powered ships.

This, amid the need to negotiate an extremely competitive landscape in search of work, be it in exploration, drilling or production of oil and gas.

Locally grown companies cannot wait and hope for work to come their way. They need to increase their options by extending themselves further afield and becoming involved in projects in even the most remote locations.

Manoraj Rajathurai