The new base will strengthen Singapore's position as a major oil and gas centre of the world.

 

Toll Offshore Petroleum Services (TOPS), (previously known as Singapore Offshore Petroleum Services), one of Asia's leading providers of integrated logistics services, recently announced a five-year S$400 million (US$272 million) redevelopment programme to transform its Loyang Supply Base into a world-class asset.

TOPS will undergo its redevelopment in nine phases which will take place concurrently over five years, from now till the end of 2013. Phase One includes land parcels A1, A2, a new office block with a canteen and medical centre, land parcel D1, a new 240-metre wharf, and the reconstruction of roads and drainage facilities. Phase One is expected to extend over a period of 18 months and is slated for completion in February 2010.

TOPS, a wholly owned subsidiary of Toll Asia, is the owner-operator of the premier offshore supply bases in Azerbaijan, Cambodia, Thailand; and with a substantial shareholding in Shenzhen Chiwan Petroleum Supply Base Ltd, China. It supports both offshore and onshore oil and gas exploration, development and production activities in the Asia Pacific from China in the north to Australia and Papua New Guinea in the south as well as the Caspian Sea region. With a track record that spans more than 30 years, TOPS is today a leading name in the offshore logistics industry.

A Potential World-Class Land Asset

According to Paul Little, Managing Director, Toll Holdings Limited (the parent company of Toll Asia), "For the past 38 years, the Loyang Supply Base has been the key offshore logistics hub within Southeast Asia. It is the site of some 200 renowned oil and gas services companies. Our investment in the redevelopment of Loyang will ensure TOPS retains its prime position while providing world-class facilities to the industry for decades to come."

Furthermore he adds, "The site is one of only three of its type in the world and the only one in this region. It is a world-class land asset, and as a result of this redevelopment, Toll is helping to guarantee its future prominence."

The redevelopment also reflects Toll's commitment to Singapore and the oil and gas industry here. "With its integrated services of port facilities, offices, warehouses, lay down yards and workshops; Loyang Supply Base provides its customers with a comprehensive and integrated infrastructure that ensures an efficient 'One-Stop Shop' to the oil and gas industry," says Little.

The Loyang Supply Base will enhance Singapore's position as one of the oil and gas centres of the world, on par with Houston in the United States, and Aberdeen in Scotland.

Lee Yi Shyan, Singapore's Minister of State for Trade and Industry, who officiated at the groundbreaking ceremony of TOPS's Loyang Supply Base, underlined the importance of the oil and gas industry in Singapore, and explained that the redevelopment of the base is a massive undertaking. When completed, it will propel the Loyang oil and gas supply base on to the world stage. In addition, it will enhance Singapore's position as one of the oil and gas centres of the world, on par with Houston in the United States, and Aberdeen in Scotland.

Singapore's Vibrant Marine and Offshore Industry

The strong growth of the offshore oil and gas sector, which has recorded impressive performances, has served to boost the Republic's marine and offshore industry. In 2007, the sector achieved an output of S$13 billion (US$8.8 billion), which is a substantial 27 per cent growth over 2006.

Besides being one of the world's premier ship repair and ship conversion centres, the nation is also a global leader in building jack-up rigs and the conversion of Floating Production Storage and Offloading Platforms (FPSO) units. Singapore is also the largest manufacturer of offshore oil rigs, with a 70 per cent market share.

The outlook for the industry remains positive as the growth of the offshore oil and gas sector is likely to continue for the next few years. Singapore hopes to build on this growth momentum to consolidate further as an integrated marine and offshore hub. Lee explains, "We want to work with our world-class shipyards, companies offering complex oil and gas systems, and offshore-related services to build new capabilities. We would like to encourage them to undertake a wider range of activities, encompassing manufacturing, headquarter services, training, research and development, engineering, and regional distribution."

The Toll Group's development of the Loyang Supply Base will go a long way in helping the Republic soar to greater heights.