SINGAPORE (Nikkei Markets) -- Sembcorp Industries, which is trying to cut its debt, justified its decision to provide an additional $1.45 billion in funding to its marine unit by saying the oil and gas exploration industry would eventually turn around.
Neil McGregor, the conglomerate's chief executive officer, said that while the offshore and marine industry faces structural issues such as the emergence of shale that has reduced demand for the rigs and other specialty vessels produced by unit Sembcorp Marine, overall demand for oil continues to increase while current oilfields are being depleted.
