Asian Offshore, Marine Firms Reinvent to Survive Downturn

Several Asian offshore and marine (O&M) firms, battered and bruised by an industry slowdown, are responding to the changed market environment by reinventing their businesses. They've tapped into existing competencies to expand service offerings, venturing into new areas such as downstream petroleum, offshore windfarms, cruise ships, fishing vessels and even solar energy. Diversification has become a buzzword for these relatively small, but nimble Asian companies in their quest for business survival. Some have been nudged into seeking alternative revenue streams as profits fall, while others acted out of necessity to stem growing losses.

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