Singapore's offshore sector is poised for a cyclical upturn and could soon see a return to newbuilding orders, a top local analyst has predicted.
"The rig market appears to have turned a corner in 2021 with oil prices exceeding $80 per barrel — this has resulted in stronger rig utilisation rates and a firming of rig day rates versus 2020," said UOB Kay Hian head of research Adrian Loh.
