offshore rigs

Singapore Rig Builder Sembcorp Marine Posts Q2 Loss, Flags Worsening Market in Second Half

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August 1, 2019

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reuters logo SINGAPORE (Reuters) – 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)

(c) Copyright Thomson Reuters 2019.

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