APRIL 26 2013 — Singapore's Viking Offshore & Marine Limited is to invest up to S$15 million (about US $12 million) to set up a dedicated innovation hub in Singapore to house and invest in promising offshore and marine-companies. Viking Chairman Mr. Andy Lim, today broke ground for the Viking Innovation Center ("VIC"), a 120,000 sq ft facility to be built at Viking's existing location at 21 Kian Teck Road.
Viking intends to spend S$10 million to construct and furnish the VIC which will offer workshop space to companies providing specialised offshore and marine products and services. On top of this, it intends to set aside a further S$5 million to invest in some of these companies and to bring them to overseas markets like Brazil, India and Vietnam.
The center will serve as an enterprise hub for these companies, and will combine research and development, collaboration, innovation, technology test-bedding and incubation of new concepts including clustering some companies into product groups to prepare them for the market.
Mr. Lim said, "Over the past three years, Viking's bolt-on strategy to build up a suite of complementary offshore engineering capabilities has matured. Through the innovation center, we intend to leverage on these capabilities and build up a portfolio of high value-added assets which can address specialised needs of offshore and marine players."
"On their own," he said, "some of the smaller companies to be housed in VIC may lack the size and reach to penetrate international markets in a meaningful manner. By aggregating and partnering with Viking – which has already secured project orders from Vietnam, Indonesia, Malaysia, Australia, Middle East, and Brazil – they will be able to reach these markets in a faster and more cost-effective manner."
Located in close proximity to major shipyards, the five-story VIC building will adjoin the current 67,000-square-feet Viking facilities housing the entire offshore and marine operations including its corporate headquarters and various subsidiaries. Upon completion the combined complex will be enlarged to a total built-up area of nearly 200,000 square feet.
The innovation center will also provide lodging quarters for employees, living and recreational amenities, tenant-shared service infrastructure, flexibly configured space requirements, and more.