Singapore shipyards saw new orders drop 83% last year in the continuing shipping slump.
Shipbuilders inked deals worth SGD 820m ($592.6m), compared to SGD 4.9bn in 2015, the Association of Singapore Marine Industries (ASMI) said.
President Chua San Lye said new contracts were mainly for non-drilling projects, according to the Business Times.
"The reduced exploration and production and drilling activities have resulted in a dearth of new orders for drilling rigs given the weak utilisation of existing operating rig fleets, coupled with the supply overhang of newbuilds still under construction," he added in a report.
