Sembcorp Marine Cuts Losses as Easing COVID Curbs Aid Project Deliveries

Thursday, August 11, 2022
(Photo: Sembcorp Marine)

Singapore's Sembcorp Marine Ltd (Sembmarine) said on Friday its half-year loss narrowed 78% from a year earlier, as the oil rig builder finished delayed projects after pandemic curbs were eased while also benefiting from cost management.

The company said its overall order visibility has improved on the back of rising oil prices and renewed concerns about energy security amid geopolitical tensions.

Sembmarine has been a loss-making business since it posted an annual loss in 2018, in an industry plagued by oil price volatility, a drop in new orders, and the pandemic's impact.

The company on Friday flagged an upbeat remainder of fiscal 2022 on the back of improving market conditions for the oil & gas and renewables businesses, but said it expected to post an annual loss.

Sembmarine posted a net loss of S$143 mln ($104 million) for the half year ended June 30, compared to a S$647 million loss recorded a year earlier.

The company is in the midst of obtaining regulatory nods for its S$8.7 billion merger with Keppel Corp's offshore and marine unit.


($1 = 1.3697 Singapore dollars)

(Reuters - Reporting by Savyata Mishra; Editing by Maju Samuel and Subhranshu Sahu)

Categories: Shipbuilding Finance Engineering Industry News Asia

Related Stories

PTTEP Acquires Southeast Asia’s Offshore Block from Chevron’s Hess Unit for $450M

PTTEP Acquires Southeast Asia’s Offshore Block from Chevron’s Hess Unit for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

China Rolls Out 17MW Floating Wind Turbine Prototype

China Rolls Out 17MW Floating Wind Turbine Prototype

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Current News

PTTEP Acquires Southeast Asia’s Offshore Block from Chevron’s Hess Unit for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

China Rolls Out 17MW Floating Wind Turbine Prototype

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

CNOOC Finds Oil and Gas in South China Sea

photo

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com