Sembcorp Marine: Sete Brasil Stiffing Us on Drillship Projects

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July 29, 2015

ReutersSINGAPORE, July 29 (Reuters) – Singapore’s Sembcorp Marine has not received payment from Sete Brasil on drillship projects this year and may slow down the projects if the situation persists, a company executive said on Wednesday.

“Basically what has been ongoing, based on the delay, I think there may be some slow down,” Tan Cheng Tat, Chief Financial Officer, said at an earnings briefing.

Tan confirmed that despite the non-payment, the drillship projects for Sete Brasil remained cash flow positive.

The orders for seven drillships from Sete Brasil account for about half of the company’s net order book. (Reporting by Rujun Shen; Editing by Elaine Hardcastle)

(c) Copyright Thomson Reuters 2015.

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