Sembcorp Marine records losses for third consecutive year
Sembcorp Marine (SembMarine) has reported losses for three consecutive financial years as it moves forward with its merger with Keppel Offshore and Marine (Keppel O&M).
The company’s latest results release shows a reduced loss of $261.1 million for the FY2022 ended Dec 31, 2022. The merged entity will be helmed by Chris Ong, Keppel O&M’s CEO, and has a combined orderbook of SGD18bn ($13.4bn) in value for delivery between 2023 and 2026.
Despite the losses, SembMarine still meets the requirements to avoid being placed under the Singapore Exchange’s watchlist, with its latest six-month average daily market capitalisation standing at $4.77 billion as of March 31.