Sri Lanka’s marine and offshore engineering industry shows potential of being on par with global leaders
Posted on February 25th, 2024
Courtesy OpportunitySrilanka
A senior Sri Lankan expert in the maritime industry has reportedly said that Sri Lanka’s marine and offshore engineering industry can be developed to be on par with global players in shipbuilding, marine engineering and offshore construction.
Dr. Sarath Obeysekera, Chairman of Sri Lanka Export Development Board’s (EDB) Advisory Forum on Marine and Offshore Engineering and CEO of Walkers Colombo Shipyard owned by MTD Walkers has been quoted as saying in the state owned Daily News that this would require collective action and support from the industry stakeholders and the Sri Lankan government and Sri Lankan missions overseas.
Addressing a webinar organised by the EDB under the theme ‘Marine and Offshore Engineering Sector,’ Obeysekera has pointed out the strategic location of Sri Lanka and the absence of a marine hub between Dubai and Singapore as a decisive and enticing factor, the news report stated.
He has further urged that Sri Lanka needs to utilise its unique position to take this emerging, timely business to showcase Sri Lanka as one of the best and reliable Marine and Offshore Engineering Services in the world.
He has noted that Sri Lanka possesses some key criteria to win the lay-up business opportunities from international vessel owners for short, mid and long-term lay-ups as well.
According to Obeysekera, Sri Lankan service providers are equipped with all critical engineering, vessel husbandry, crew management, bunkering, repairs, servicing, inspection and certification, etc to cater all kinds of lay-ups.
Sri Lanka already has 100% Sri Lankan owned companies able to provide all the lay-up services to international marine assets with experience and good track record, he has said.
Sri Lanka is sheltered from open seas such as Trincomalee Port and Inner Anchorage and Hambantota. Moreover, other key criteria to win the lay up businesses are minimal tidal currents, good holding grounds for anchors, easy access to airports for crew change and 5 and 4 star hotel facilities. Sri Lankan lay-up locations such as Trincomalee, Hambantota, etc are located closer to major shipping routes enabling quick reactivation when business commences,” Obeysekera has further observed.
The marine and offshore engineering Industry focuses on catering to the demand for oil rig repair, modifications, maintenance, conversion of tankers and ships to FPSO (Floating Production Storage and Offloading), oil field equipment supply, manufacturing and servicing.
OSL take:
Sri Lanka’s marine and offshore engineering industry is on a growth path along with the growth recorded by the country’s ports and maritime sectors. Sri Lanka’s geographical positioning in the Indian Ocean and the prominence given to the island in China’s Belt and Road Initiative have helped Sri Lanka reach maritime hub status in the South Asian region. Therefore, the development of the marine and offshore engineering industry would yield definite results to the respective investor. Foreign businesses/investors could confidently explore business/investment opportunities in Sri Lanka’s marine and offshore engineering industry.