Sembcorp Marine Posts Q2 Loss

Tuesday, July 30, 2019

Singaporean rig builder Sembcorp Marine on Tuesday posted a narrower second-quarter loss, but said it expected losses for the second half of the year to be higher than the first half, citing insufficient new orders.

The company reported a net loss of S$8.5 million ($6.2 million) for the second quarter, compared with a loss of S$55.6 million a year ago. Revenue more than halved to S$731.3 million.

Sembcorp Marine's financial performance has been subdued over the past few years due to the downturn in the global offshore and marine industry. On Tuesday, it said it expected full-year losses to be similar in range to last year.

In early July, the company said authorities had searched its shipyard in Brazil as part of a graft investigation. The company also lodged a suspicious transaction report related to the former president of the shipyard with Singapore's white-collar crime police unit, citing the Brazil probe. 

($1 = 1.3702 Singapore dollars)

(Reporting by Aradhana Aravindan; editing by Richard Pullin)

Categories: Finance Industry News Rigs

Related Stories

Shedding (Fiber) Light on Wells

Harvey Gulf Eyes International Markets

Deepwater Drillship Rates Rising

Current News

Harvey Gulf Eyes International Markets

Oil Retreats in Face of Renewed Coronavirus Uncertainty

SembMarine's Former Consultant in Brazil Gets 19 Years in Prison

Turkey Expands Drillship Fleet

Subscribe for OE Digital E‑News