Singapore plans to offer financial assistance to its liquidity hit marine and offshore engineering companies.
The move could help them raise as much as $1.1billion in loans.
A number of firms including Swiber, Swissco Holdings and Rickmers Maritime have been forced to seek restructuring of their debt.
Billion of dollar have been wiped off the market value of the sector’s listed companies and thousands of jobs have been axed in the worst-hit area of Singapore’s slowing economy.
Minister for Trade and Industry S Iswaran, said:”The industry’s financing challenges have intensified in recent months. Some industry consolidation is inevitable as companies restructure and adapt to the challenging environment.
“The government will continue to monitor the economy closely and stands ready to act if necessary.”
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