Multi-year bull cycle awaits Singapore offshore & marine companies as demand for rigs expected to be strong from 2011-2013, says CIMB.

Forecasts orders for 167 rigs worth combined US$74 billion ($96.8 billion), including orders from Petrobras, to be placed globally in next 3 years.

Says optimism based on firm oil prices hovering in US$80-US$90/bbl range, increased demand for higher-spefication rigs with deeper drilling capabilities, presence of “quality yards” with stronger financial health as weaker rivals put out of action by recent global crisis.

Expects little threat to Singapore yards from Korea, Chinese rivals as “the Koreans continue to focus on offshore units and drillships, while the Chinese may take a few years to strengthen their track records in rig building.”