SembMarine: 1H22 will be ‘significantly better’

Johan Castberg FPSO departing Sembcorp Marine Tuas Boulevard Yard following completion of the FPSO hull and living quarters in early 2022. Credit: Sembcorp Marine (SembMarine)Johan Castberg FPSO departing Sembcorp Marine Tuas Boulevard Yard following completion of the FPSO hull and living quarters in early 2022. Credit: Sembcorp Marine (SembMarine)

Sembcorp Marine‘s first half performance will be “significantly better” than the first half of 2021, the rigbuilder said in a filing to SGX Wednesday.

Last year, SembMarine reported a 2021 first half net loss of S$647 million.

The company said in the first quarter of this year, and year-to-date, the completion of six projects will contribute positively to first half results.

“The group achieved multiple project completions with successful deliveries to customers, notwithstanding pandemic-related resource constraints and shortages of skilled workers which extended into the reported quarter,” SembMarine said.

“The industry outlook for the oil & gas, renewables and other green solutions continues to improve. The group is actively responding to new opportunities and is focused on converting its orders pipeline into firm contracts in FY2022,” the filing said.

As of end-March, SembMarine’s net order book was at S$1.75 billion, incluing S$1.51 billion of projects under execution and S$240 million of ongoing repairs and upgrades projects, the filing said. Around 65 percent of the net order book is for renewables and cleaner/green services, SembMarine said.

SembMarine said it started the year with 17 projects under execution, with 12 scheduled for completion and delivery this year; six of the 12 have been completed so far this year, the company said.

Read more details from SembMarine’s first quarter update.