Oil: Katrina and oil prices give Singapore's oil rig manufacturing industry a boost

It seems that Christmas has come early for Singapore's oil rig manufacturing industry.

Soaring crude prices are boosting marine exploration for new oil and gas deposits, and repair work on US rigs damaged by Hurricanes Katrina and Rita are expected to give Singaporean oil rig makers a boost of nearly $9 billion.

According to analysts, two Singaporean oil rig makers, Keppel Fels and SembCorp Marine, account for about 80 percent of the world market.