Market Outlook: Singapore

Èpeus Asia Pacific enjoyed unprecedented success in 2008. Since installing a new management team in Singapore, our Asia Pacific division has grown exponentially due to proven leaders taking the helm of the business. In particular, we saw an increase in the demand for project, assurance and advisory services.

In 2008, Singapore's booming oil rig industry had been hit by contract cancellations due to weaker energy demand and as plummeting crude prices dampened exploration. Until the global financial crisis worsened last year, oil rig builders had been riding on soaring oil prices to reap a multi-billion-dollar bonanza. Orders piled up as drillers expanded into deeper offshore waters to search for more oil and has to meet surging demand from dynamic economies. But exploration and production activities have slowed as the worsening economic gloom hurt energy demand, forcing drillers to go slow on new orders and to cancel or renegotiate existing contracts.

Traditionally Èpeus has primarily served drilling contractors and the oil companies. However during these financially-challenging times, we have diversified our client portfolio and developed relationships with the banks and investment houses that finance oil and has projects. We are thrilled to have assisted various industry conglomerates in 2008. In fact, ABN AMRO, Macquarie Bank and Morgan Stanley are just some of the financial institutions who have used our services.

Our approach of providing value-added services to a wider base of clients has added a new dimension to our business strategy and allowed Èpeusto rise above the crippling market conditions that continue to plague the Asia-Pacific region.