Silver lining: Bukom fire to benefit contractors

Order flows potentially await contractors that provide civil engineering, construction, equipment rental and/or structural steel works services.

DMG Research said some beneficiaries include Hai Leck Holdings, Hiap Seng Engineering, Mun Siong Engineering, OKP Holdings, PEC, Rotary Engineering, Tat Hong Holdings, Tiong Woon Corporation Holding, TTJ Holdings and Yongnam Holdings.

However, noted DMG Research, those doing maintenance works for Shell will be affected in the near term with the shutdown, which is said to be likely to last at least a month. Parties providing maintenance service include Hai Leck Holdings, Hiap Seng Engineering, Mun Siong Engineering, PEC, and Rotary Engineering.

The fire was described as “one of the worst petrochem disasters in Singapore in almost 20 years.” DMG Research said, “The party found responsible may face more dire consequences like losing its qualified resident contractor status with Shell.”