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Sembmarine cuts net loss by 77% in H2 22

Singapore Business Review logo Singapore Business Review 28/2/2023 Staff Reporter
© Provided by Singapore Business Review

Its EBITDA improved to $12m in the second half of 2022.

After reporting a decline in its EBITDA in 2021, Sembcorp Marine (Sembmarine) posted a positive EBITDA in H2 2022 at $12m due to completion of key projects.

In a financial statement, Sembmarine said its net loss also declined 78% to $261m for FY 2022 from FY 2021 net loss of $1.1b. 

“Residual COVID19 challenges contributed to one-off increases in costs in FY2022 due to project delays, additional consumables and man hours,” said Sembmarine.

Its net loss declined 77% to $118m in the second half of 2022 from $523m in the same period in 2021.

Its key projects that helped in improving its fiscal performance are:

  • Newbuild FPSO (Floating Production, Storage and Offloading) P-71 for Petrobras for deployment at the ultra-deepwater Itapu field in Brazil’s Santos Basin;  
  • EPCI (Engineering, Procurement, Construction and Installation) of Gallaf Batch 2 Project for North Oil Company for deployment at the Al Shaheen field off Qatar;  
  • Conversion of Armada Sterling V FPSO vessel for joint venture owners, Shapoorji Pallonji Oil & Gas and Bumi Armada, for deployment in the east coast of India by charterer Oil and Natural Gas Corporation;  
  • Newbuild Deepwater Titan, the second of two 8th generation drillships for Transocean, for deployment on a five-year contract in the U.S. Gulf of Mexico; 
  • The third and final zero-emission battery-powered Roll-on/Roll-off passenger (Ropax) ferry Leikanger, which joined Norled’s sister vessels Dragsvik and Hella operating in Norway. 

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