Oil & Gas Projects Bode Well for Singapore-Brazil Relations

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Analysis by Singapore company formation consultancy Asiabiz Services shows that the recent and upcoming Brazilian oil and gas projects won by Singapore marine firms sets the stage for increased company incorporation activity in Singapore. http://www.asiabizservices.com/brazilian-oil-gas/

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Data from the Embassy of Brazil in Singapore shows that the republic is the second largest Asian investor in Brazil and registered S$4.16 billion in bilateral trade in 2011, signalling more prospects for Brazilian enterprises and professionals.

Homegrown firms Keppel Offshore and Sembcorp Marine, have recently secured oil and gas (O&G) contracts worth S$9 billion with Sete Brasil Participações S.A., (Sete Brasil), the largest global player in offshore drilling.

Keppel Offshore’s subsidiary, Fernvale, has been commissioned to design and build five semi-submersible drilling rigs in a deal that is worth US$4.1 billion. Sembcorp Marine’s subsidiary, Jurong Offshore, will construct five drillships based on its Ultra Deepwater Espadon drillship design.

Both Keppel and Sembcorp have become key players in Brazil’s O&G sector. To date, Sembcorp has delivered 19 O&G Brazilian projects which contribute approximately 50% of Brazil’s oil output on a daily basis. Keppel has also delivered many successful pioneer projects in Brazil, including the BrasFELS yard in 2000, and Petrobras’ P-52, P-51 and P-56 floating production units.

Over the next decade, 38 more Brazilian production platforms worth US$20 billion will be built.
Asiabiz Services, a Singapore company formation consultancy, is optimistic that the slated O&G projects will trigger the number of company incorporation and work visa application activity in the city-state.

Analysis by Asiabiz shows that the deals build on Singapore’s increased high-level bilateral interactions with Brazil in recent years. Since 2010, Singapore’s Minister of National Development and Ministry of Development, Industry and Trades have visited Brazil to intensify political, economic and educational synergies with the emerging BRIC nation.

In addition, Singapore has enhanced air connectivity between both countries this year. Singapore’s Minister of Trade and Industry Mr. Lim Hng Kiang and Minister for Transport Mr. Lui Tuck Yew have also visited Brazil within the last four months.

James Nuben, Head of Tax Division at Asiabiz Services added, “Singapore-Latin America relations has strengthened in recent years via the Exchange of Development Experience under the Singapore Cooperation Program as well as the signing of various Free Trade Agreements. Data from the Embassy of Brazil in Singapore shows that the republic is the second largest Asian investor in Brazil and registered S$4.16 billion in bilateral trade in 2011, signalling more prospects for Brazilian enterprises and professionals too.”

"We are optimistic that Brazilian companies in other sectors such as engineering, commodities, consumer electronics, food and IT, will also look to tap Singapore’s privileged position as a gateway to emerging Asian markets. Hence, Singapore company incorporation and Singapore work visa application activities amongst high-caliber Brazilian professionals and firms are expected to rise at a fast clip,” added Mr. Nuben.

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ABOUT ASIABIZ SERVICES
Asiabiz Services is a Singapore-based consultancy that offers business solutions for both local and foreign professionals, investors and entrepreneurs. Our areas of expertise include Singapore company registration, incorporation, offshore company setup, accounting, taxation and other related corporate services. Asiabiz Services also provides Singapore work visa and immigration services for foreign professionals wishing to relocate to Singapore.

120 Telok Ayer Street, Singapore 068589
Phone: +65 6303 4614
http://www.asiabizservices.com

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James Nuben
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