Named SembCorp Marine Technology Pte Ltd, the fully-owned subsidiary of SembCorp Marine will focus on new product development and process innovation to further strengthen the Company's core competencies in ship repair, ship conversion, rig building, shipbuilding and offshore engineering. It will also expand on existing technologies and niche products for greater market differentiation as well as generate and manage intellectual property and innovation.
The inception of SembCorp Marine Technology is part of SembCorp Marine's strategy to further strengthen its competitive edge through R&D efforts. The R&D center will also spearhead developments in marine and offshore technology and product developments for long-term sustainability of the marine and offshore industry.
In addition to developing in-house R&D capabilities, SembCorp Marine Technology will also collaborate with tertiary and research institutions to bolster marine and offshore R&D on an industry level. This is in line with a Memorandum of Understanding signed by SembCorp Marine in March 2007 with the National University of Singapore's Center for Offshore Research and Engineering (CORE), the Agency for Science, Technology & Research (A*STAR), the Maritime and Port Authority of Singapore (MPA) and the Economic Development Board (EDB) to help transform Singapore into an offshore and maritime hub of global significance supporting among others, the oil & gas industry.
Mr. Tan Kwi Kin, Group President & CEO of SembCorp Marine said "SembCorp Marine is committed to set up its own center for product research and development as the product range offered by the Group has been expanding over the years. We have proprietary designs for jackups, container ships and product tankers. We will continue to develop products to meet market demands and to be ahead of the competition in the marine and offshore industry."
The initial share capital of SembCorp Marine Technology will be S$1 million, funded mainly from the Company's internal resources.
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