ST Engineering Annual Report 2020

a good position to ride on the gradually recovering rig activities in the area. We will actively pursue opportunities in the area of upgrading of drilling systems and installation of ballast water treatment system to meet the IMO's new regulations. Environmental Engineering Globally, the ageing infrastructure of solid waste treatment facilities present opportunities. We are seeing an increase in demand for potable water in key industrial areas, cities and new economic zones in China, Thailand and Vietnam. As these are mega infrastructure projects, we will continue to look for like-minded strategic partners to collaborate on implementing smart technologies and expanding our market outreach. Our recent wins in Singapore place us in a strong position to bag more local and international contracts in the future. Charting Future Growth in 2021 The pandemic has caused a ripple effect across various industries, leading to economic and labour market disruptions. Notwithstanding that, we will continue to innovate and enhance our product offerings, diversify our revenue streams into the specialised vessel segment, and leverage smart technologies to improve operational efficiencies. Come 2021, the digitalisation of our shipyard operations is expected to be completed. Smart technologies such as digital twin simulation, seamless data exchange, and smart ship systems that include 3D modelling-based concept design and robotics automation will transform the way we do business. In addition, construction of our new smart yard in Tuas, Singapore, is well underway and we will continue to integrate the digital thread into our people, operations, products and solutions. Backed by our solid track record, sound financial standing and strong capabilities, we are confident that we will weather this crisis and emerge better-positioned for the future. Ocean BlackLion drillship from Diamond Offshore and Valaris Reliance drillship from Valaris undergoing works in our U.S. facility 61 ANNUAL REPORT 2 0 20 / CORPORATE OVERVI EW PERFORMANCE REVI EW SUSTAINABI L ITY CORPORATE GOVERNANCE F INANCIAL REPORT