LogIn LogOut

Sembcorp Marine Cuts Losses as Easing COVID Curbs Aid Project Deliveries

August 11, 2022

(Photo: Sembcorp Marine)
(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)



Current News

Australia Rules Out Curbs on LNG Exports after Producer Deal

Australia Rules Out Curbs on LNG Exports after Producer Deal

Maersk Training, NaMICPA to Set Up GWO Training Center in Nagasaki

Maersk Training, NaMICPA to Set Up GWO Training Center in Nagasaki

Petrofac Hires AHTS to Assist with Northern Endeavour FPSO Disconnection

Petrofac Hires AHTS to Assist with Northern Endeavour FPSO Disconnection

GMS Nets 22-Month Contract for One of Its Jack-up Units

GMS Nets 22-Month Contract for One of Its Jack-up Units

Taiya Renewable Energy, BW Ideol in Floating Wind Pact

Taiya Renewable Energy, BW Ideol in Floating Wind Pact

Uniwise Offshore Boosts OSV Fleet Cyber-Security with Inmarsat's Fleet Secure UTM

Uniwise Offshore Boosts OSV Fleet Cyber-Security with Inmarsat's Fleet Secure UTM

Australia - a Land of Promise and Hurdles for Offshore Wind Developers

Australia - a Land of Promise and Hurdles for Offshore Wind Developers
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