Norway-based DNV GL and the Maritime and Port Authority of Singapore (MPA) have signed a memorandum of understanding (MoU) to develop the maritime industry in Singapore through research and development (R&D) initiatives.
The MoU will promote maritime R&D in the areas of liquefied natural gas research and technology, green technology and marine environment and resources.
Some of the R&D initiatives will include the use of energy saving and emission reduction technology in ports and vessels, and design projects that will not only cut emissions but will increase fuel efficiency through retrofitting and improved operational maintenance.
DNV GL Group president and CEO Dr Henrik Madsen said Singapore has emerged as one of the key centres for innovation in the shipping world, especially in technologies and systems that develop and promote green outcomes.
"We have built up a relationship with the MPA over the past several years, as we have both jointly and separately championed projects which have sought to reduce emissions and improve fuel efficiency in shipping, and this MOU will help us to further our relationship," Madsen said.
"We are making a significant and sustained group-wide commitment by investing in the future of our industry. We will continue to invest around 5% of annual revenue to R&D with one fifth of that marked for long-term projects with a transformative effect, and have hubs of innovation around the world."
MPA CEO Andrew Tan said that the signing of this MoU signifies a shared vision to drive their maritime industry research efforts.
"It will also help position Singapore as a centre of excellence for maritime research," Tan said.
Image: Officials at the MoU signing ceremony at the DNV GL 150th anniversary celebrations. Photo: courtesy of DNV GL.