noRWAY In SInGAPoRe
Maritime ties S
ingapore and Norway’s maritime links stretch back decades.While the two countries may not on the face of it look to have much in common, both have a
strong focus on shipping,marine and offshore. AsAsia has taken off as a major regional power in the maritime Singapore has become the location of choice inAsia for many Norwegian shipping and offshore businesses. Early movers date back as far the mid-1970’s
with company’s such asThome Ship Management, which was founded in Singapore in 1976 and where its headquarters have been located ever since.A number of major Norwegian maritime related businesses have also made Singapore the location for either their regional or global headquarters. Bunker fuel tester DNV Petroleum Services has its worldwide headquarters in Singapore, a logical choice given the city state’s status as the world’s largest bunkering port. Parent and classification society DNV also has its regional headquarters for Asia – Pacific in Singapore. Singapore’s location at the crossroads of
maritime and shipping in Asia combined with a conducive business environment, and a wide range of incentives for shipping businesses setting up in the country, have attracted a large number of Norwegian companies over the last two
decades.These companies include shipowners such as Masterbulk,Norgas (Asia), JB Ugland Shipping,Odjfell Singapore and Klavness Asia; financier DnB NOR Bank and shipbrokers Fearnleys Asia and RS Platou. In part of the ongoing growth of business ties
in 2009 the Singapore Exchange and Oslo Bors signed a memorandum of understanding to promote dual listings of shipping,marine and offshore companies on each other’s exchanges. The results to date have been fairly limited
An overview of Norway’s presence in Singapore’s shipping industry
although John Fredriksen’s Golden Ocean Group did undertake a dual listing in Singapore last year. The agreement is seen as having been hit by the uncertainty in financial markets over the last two years and industry observers remain hopeful that there will be more dual listings to come, both in Singapore and Oslo. With Singapore yards being the
world’s largest builders of offshore oil and gas drilling rigs, Norwegian offshore companies have become major repeat customers.Underscoring links in the offshore sector last year’s Norwegian Business Association (Singapore) award for an individual or company that has demonstrated a commitment to enhancing business links between Singapore and Norway was presented to Choo Chiau Beng, ceo of Keppel Corp. Maritime ties between the two countries
extend beyond business
relationships.The Maritime & Port Authority of Singapore (MPA) and the Research Council of Norway signed their first agreement on cooperation in maritime education, training and research and development in
2000.The memorandum of understanding has been renewed on three occasions since, the last being in 2009 for a period of three
years.The renewed agreement focused on marine environment and sustainable energy technology. The Norwegian Embassy in Singapore is also
active in the maritime field and partners Innovation Norway and the Norwegian Business Association in Singapore organised conference on sustainable marine transportation earlier this year, which included the participation of top Norwegian shipowners.
One of Asia’s fastest growing law firms Contact: Stephen Fordham (+65) 9671 2425/
swf@wr.com.sg
For over ten years Wikborg Rein has been at the forefront of developments in shipping and offshore oil and gas in Singapore - supporting our clients with Singapore, English and Norwegian legal advice that focuses on commercial outcomes. Give us a call to discuss how we can add value to your business.
Chris Grieveson (+65) 9112 8445/
cjg@wr.com.sg
Seatrade Singapore Report 2011
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