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Sembcorp Marine Ltd News

06 Jun 2023

Brunvoll to Equip Brazilian Research Support Vessel

Brunvoll's Integrated Costa Propulsion (ICP). (Image: Brunvoll AS)

Norway-based Brunvoll said it has secured an "extensive" contract with shipbuilder Estaleiro Jurong Aracruz LTDA in Brazil for the delivery of a propulsion and maneuvering package for the Brazilian Ministry of Defense’s new Antarctic Research Support vessel.The delivery from Brunvoll comprises a variety of its own products and from its partners. Low noise and vibration levels arecrucial for conducting scientific research onboard an oceangoing vessel. Utilizing a fixed pitch propeller…

03 Apr 2023

Sembcorp Marine Proposes Name Change Following Merger with Keppel Offshore & Marine

©Sembmarine (File photo)
/AdobeStock

Singapore-based Sembcorp Marine said Monday it was proposing to change its name from “Sembcorp Marine Ltd” to “Seatrium Limited."This follows the completion of the combination of the company's businesses and Keppel Offshore & Marine Ltd on February 28, 2023, and will adopt a new branding for the enlarged entity."The proposed change of name is subject to shareholders’ approval and will not affect the identity of the Company or any of its rights and obligations, nor will it affect any of the rights of shareholders or the Group’s daily business operations and financial standing…

30 Jan 2023

Sembcorp Marine Names LNG Hybrid Tug in Singapore

(Photo: Sembcorp Marine)

Sembcorp Marine celebrated the naming of JMS Sunshine, its first of a series of LNG hybrid tugs specially designed for domestic service in Singapore.Sembcorp Marine commissioned the design and build of the world’s first LNG hybrid tug in 2018, and the company plans to build a fleet of tugs to progressively replace the existing diesel-powered fleet operated by Jurong Marine Services (JMS), a wholly owned subsidiary of Sembcorp Marine Ltd and a licensed operator of the Maritime and Port Authority of Singapore.

16 Aug 2022

Steerprop's Propulsion Package for Maersk's First Offshore Wind Installation Vessel

Steerprop, a designer and manufacturer of high-performance propulsion systems, has won a major order to supply the complete propulsion package for Maersk Supply Service's recently ordered Wind Installation Vessel (WIV). Singapore-based Sembcorp Marine Ltd, which has secured a contract for the construction of the vessel for Maersk Supply Service, ordered the propulsion package from Steerprop.Steerprop's scope includes six ducted L-drive azimuth propulsors with an output power of 4500 kW and two 900 kW Steerprop Tunnel Thrusters for dynamic positioning…

11 Aug 2022

Sembcorp Marine Cuts Losses as Easing COVID Curbs Aid Project Deliveries

(Photo: Sembcorp Marine)

Singapore's Sembcorp Marine Ltd (Sembmarine) said on Friday its half-year loss narrowed 78% from a year earlier, as the oil rig builder finished delayed projects after pandemic curbs were eased while also benefiting from cost management.The company said its overall order visibility has improved on the back of rising oil prices and renewed concerns about energy security amid geopolitical tensions.Sembmarine has been a loss-making business since it posted an annual loss in 2018, in an industry plagued by oil price volatility, a drop in new orders, and the pandemic's impact.The company on Friday

03 Dec 2021

ABS Approves 3D Printed Spare Parts After Tanker Trial

(Photo: Sembcorp Marine)

Parts fabricated by additive manufacturing (AM) – also known as 3D printing – and installed on an oil tanker for operational testing have been validated to be in good working condition, marking a significant step for the technology's implementation in the marine industry.The project involving ABS, ConocoPhillips Polar Tankers, Sembcorp Marine Ltd and 3D Metalforge started in February 2021 with the fabrication and lab-testing of functional additive manufactured parts, which were then installed on board the oil tanker Polar Endeavour.

21 Apr 2021

Shell Puts Hydrogen Fuel Cell to the Test in Singapore

(Photo: Shell)

Shell will collaborate on a feasibility study to trial the use of hydrogen fuel cells for ships, the first of its kind for Shell and in Singapore.“This trial is an important step in demonstrating the applicability of hydrogen and fuel cells on ships,” said Nick Potter, General Manager of Shell Shipping and Maritime, Asia Pacific & Middle East. “We see fuel cells and hydrogen as a promising pathway for decarbonizing shipping and working with partners in this way will develop our understanding of this critical technology.”Shell…

04 Mar 2020

Ship Repair Market to Reach $40Bn by 2026

Global ship repair and maintenance services market is expected to grow from USD 18.89 Billion in 2018 to USD 39.93 Billion by 2026 at a CAGR of 7.04% during the forecast period from 2019-2026.According to report published by Fior Markets, the key contributing factors for the market growth are increase in the demand for new ships and activities, shortening of supply chains in ship repair and maintenance services, increased seaborne trade against the backdrop of recent economic boom, increase in the production of vessels.The bulk carriers section is anticipated to remain leading in the global ship repair and maintenance services market with USD 4.12 billion.

20 Jul 2018

Sembcorp Marine Swings to Q2 Loss

(Photo: Sembcorp Marine)

Singaporean rig builder Sembcorp Marine Ltd swung into the red in the second quarter, and cautioned a trend of negative operating profit would continue in the near term as overall business volume remains low.It turned in a loss of S$55.6 million ($40.68 million) for the three months ended June, compared with a profit of S$5.1 million in the same period a year ago.Sembcorp Marine, majority owned by industrial conglomerate Sembcorp Industries Ltd, saw its revenue more than double to S$1.63 billion due to revenue recognition on delivery of some rigs.

25 Apr 2018

Sembcorp Marine Outlook Subdued on Q1 Profit Slump

(File photo: Sembcorp Marine)

Singaporean rig builder Sembcorp Marine Ltd said on Wednesday first-quarter profit fell 86 percent, and signaled a subdued outlook for orders and business volumes.Sembcorp Marine said profit came in at S$5.3 million ($4 million) for the three-month period ended March, compared with S$37 million in the same period a year ago.The year-ago profit was boosted by an one-off gain from the disposal of Sembcorp Marine's stake in Cosco Shipyard Co.Overall business volume has remained significantly below peak levels…

21 Feb 2018

Offshore Sector Shows Improvement: Sembcorp Marine

Global exploration and production (E&P) capex spending continues to show signs of improvement, underpinned by higher oil prices, says Sembcorp Marine Ltd (SembMarine). Offshore rigs utilization and day rates have stabilized, but rig orders recovery may take some time as the oversupply in most drilling segments has yet to re-balance. The production segment remains encouraging and we are responding to increasing enquiries and tenders for innovative engineering solutions. We continue to make progress in our efforts to develop and commercialise our Gravifloat technology for near-shore gas infrastructure solutions. Demand for repairs and upgrades, especially for LNG carriers and cruise ships remains strong.

25 Oct 2016

Sembcorp Marine Swings to Loss in Q3

Photo: Sembcorp Marine

Singapore's Sembcorp Marine Ltd swung to a loss in the third quarter and the rig builder's revenue was hurt by customers deferring rig deliveries amid a protracted downturn in the oil and natural gas market. The company posted a net loss of S$21.8 million ($15.7 million) for the three months ended Sept. 30, compared with a net profit of S$32.1 million a year ago. It said the bottomline was hurt by higher financing costs, share of losses from associates and foreign exchange impact. The company, majority-owned by industrial conglomerate Sembcorp Industries Ltd, said revenue dropped 21 percent.

25 Oct 2016

Sembcorp Marine Posts Q3 Loss

Singaporean rig builder Sembcorp Marine Ltd. posted a loss in the third quarter, hurt by higher financing costs and a fall in orders due to weak oil prices.   The company posted a net loss of S$21.8 million ($15.7 million) for the three months ended Sept. 30, compared with a net profit of S$32.1 million a year ago.   ($1 = 1.3906 Singapore dollars) (Reporting by Aradhana Aravindan; Editing by Amrutha Gayathri)

23 Aug 2016

Singapore's SembMarine to Take Full Control of PPL Shipyard

Singaporean rig builder Sembcorp Marine Ltd said it had agreed to buy the 15 percent of PPL Shipyard Pte Ltd it did not already own for about $115 million from PPL Holdings Pte Ltd and E-Interface Holdings Ltd. "This will enable the company to optimally manage the businesses, finance and resources of PPLS, and fully align the latter's corporate strategies to the company to generate sustainable returns," SembMarine said in a statement. PPL Shipyard, 85 percent owned by SembMarine, designs and builds oil rigs and ships. Last week, SembMarine, which has been suffering from a slump in orders due to low oil prices, agreed to buy Norway-based ship design firm LMG Marin AS for $20 million.

28 Jun 2016

Sevan Marine Divests Stake in KANFA Aragon

Sevan Marine ASA said it has disposed 50 percent of its stake in KANFA Aragon AS to Sembcorp Marine Ltd. for cash consideration of NOK 20 million, representing a step in the company’s efforts to cut costs and complexity while increasing its focus on its core cylindrical hull technology.   The transaction was completed and funds were received June 28, 2016, Sevan Marine said.   The sale will generate a one-time financial gain of approximately $1 million in the Sevan Marine Group in Q2 2016.

19 May 2016

EIG names Odebrecht, shipyards in Petrobras suit

Investment management firm EIG Management Co added Brazil's engineering conglomerate Odebrecht SA and a few other shipyards in its $221 million fraud suit against Petroleo Brasileiro SA. EIG, in a filing on Wednesday, alleged that Odebrecht SA and other shipyards along with Petrobras misled the firm to invest over $221 million to purchase equity in now-bankrupt Sete Brasil Participacoes SA. The other shipyards mentioned in the filing by EIG and eight of its managed funds include Keppel Corporation Ltd, Sembcorp Marine Ltd and Jurong Shipyard Pte Ltd. "Through a series of misrepresentations and omissions directed at EIG, Petrobras fraudulently…

16 Feb 2016

Slowdown, Brazil Impact Hit Sembcorp

The strain of low oil prices on the offshore and marine sector was in full display as  the world’s second-largest builder of oil rigs Sembcorp Marine Ltd posted its first quarterly loss in at least 12 years. The company took impairment charges and provisions of S$609 million for projects of its client Sete Brasil Participacoes SA and others. It’s the first quarterly loss since the company started reporting data in 2003, according to Sembcorp Marine’s website. Sete Brasil is a private company set up in 2010 to build, own and lease deepwater rigs to state-run oil producer Petrobras. But Sete ran into financing difficulties in 2014, after it was caught up in a corruption scandal involving Petrobras executives…

15 Feb 2016

Sembcorp Marine posts first Quarterly Loss.

Posts S$535 mln loss vs year ago profit; net order book backlog at S$10.4 billion. Singaporean rig builder Sembcorp Marine Ltd posted its first quarterly loss, hit by writedowns and project delays by its key customers, underscoring the strain caused by plunging crude oil prices. The company also warned that it expects the downtrend to last longer than previous cycles as Singapore's $10 billion rig building industry faces cancellations and a dearth of new orders. For the fourth quarter, Sembcorp posted a S$535.2 million ($383 million) attributable loss, excluding non-operating items, compared with a profit S$174 million for the same year ago period. It said fourth-quarter net profit would have been S$99 million before impairments and provisions and losses from associates and joint ventures.

12 Feb 2015

Sembcorp Marine: Sete Brasil Owes Drillship Payment

Sembcorp Marine Ltd is owed S$70-80 million ($51-$59 million) from Sete Brasil related to drillship orders, its chief executive said on Thursday. Sembcorp Marine in 2012 secured orders for seven drillships from Sete Brasil, a company set up by Petrobras, along with a group of banks and funds, to develop a deep-water drilling rig fleet for Petrobras. Reporting by Lee Rou Urn

23 Jan 2015

Glasgow-Singapore Green Ship Deal On

A new research collaboration between A*STAR’s IHPC, Sembcorp Marine Ltd, University of Glasgow and UGS aims to  make a ship’s voyage more smooth sailing by improving its hydrodynamics and energy efficiency. The four organizations today signed a memorandum of understanding (MoU) to collaborate and develop new hull designs for large ocean-going vessels and make them more environmentally friendly. Under the three-year MoU, IHPC, Sembcorp Marine Ltd, University of Glasgow and UGS will use computational modeling and visualization technologies to design vessels with improved hydrodynamics for better fuel efficiency. In addition, they will collaborate and innovate on features to reduce harmful exhaust emissions and discharges by enhancing the vessel’s scrubber and ballast treatment systems.

18 Jan 2015

21 dead, 1 missing after tug sinks in Yangtze

Chinese authorities have confirmed that 21 people were killed and one is still missing after a tug boat undergoing sea trials sank in the Yangtze River, the state-run Xinhua news agency reported on Saturday. The boat had 25 people on board when it sank on Thursday and three were rescued. Xinhua reported on Friday that seven or eight foreigners were on the boat, including citizens of Singapore and Japan. A French citizen may also have been among the missing. Sembcorp Marine Ltd, a Singapore-based shipbuilder, said on Friday the tug boat that its subsidiary, Jurong Marine Services Pte Ltd, had planned to charter sank during a sea trial. Three of the company's employees were on board.

16 Aug 2014

51 Awarded Scholarships by Singapore Maritime Industry

A total of 51 scholarships worth more than S$1.4 million were awarded this year, as part of continuous outreach and talent development efforts to meet the manpower needs of the growing Singapore maritime industry - an area which contributes to some 7 per cent of the nation's economy. Sponsored by maritime companies and organisations, the MaritimeONE (Maritime Outreach NEtwork) scholarships and Tripartite Maritime Scholarship Scheme (TMSS) support various local and overseas diploma and degree programmes. In all, 40 MaritimeONE and 11 TMSS scholarships were presented at the MaritimeONE Scholarship Awards Ceremony held at the M Hotel Singapore this evening.

04 Aug 2014

Sembcorp Marine Profit up on Rig Building

Jack-up rig Noble Mick O'Brien, delivered to Noble Drilling in 2013 (Photo: Sembcorp Marine)

Drilling rig builder Sembcorp Marine Ltd said on Monday its second-quarter net profit rose 5.4 percent from a year earlier, helped by stronger performance from its rig building and fixed platform businesses. The Singaporean company reported a net profit for the quarter ended on June 30 of S$131.6 million ($105.57 million), which brings the first-half net profit to S$254 million. The mean full-year net profit forecast stood at S$597 million, based on estimates from 24 analysts, Thomson Reuters data showed.