Support measures for Marine and Offshore Engineering (M and OE) Companies

SUPPORT MEASURES FOR MARINE & OFFSHORE ENGINEERING (M&OE) COMPANIES

1. The Ministry of Trade and Industry announced today the enhancement to IE Singapore’s Internationalisation Finance Scheme (IFS) and the re-introduction[1] of SPRING’s Bridging Loan (BL) for companies in the Marine and Offshore Engineering (M&OE) industry[2]. These measures will help to address the intensifying financing challenges faced by the M&OE industry in recent months, as it experiences a unique and prolonged slowdown.

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Jointly issued by Ministry of Trade and Industry, IE Singapore and SPRING Singapore
25 November 2016

[1] SPRING’s Bridging Loan was first introduced in 2009.

[2] Companies with principal activities in the M&OE industry, such as shipyards, contractors to shipyards, offshore services providers, exploration & production companies, oil & gas equipment and services companies, and suppliers to oil & gas equipment and services companies, can apply for these schemes.

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Support measures for Marine and Offshore Engineering (M and OE) Companies