AFP
SINGAPORE (AFP) — Singapore's once-roaring oil rig industry has been hit by contract cancellations due to weaker energy demand and as plummeting crude prices dampen exploration.
Until the global financial crisis worsened last year, oil rig builders had been riding on soaring oil prices to reap a multi-billion-dollar bonanza.
Orders piled up as drillers expanded into deeper offshore waters to search for more oil and gas to meet surging demand from dynamic economies.
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