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Sembcorp Industries Ltd News

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…

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.

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.

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.

18 Apr 2001

SembCorp Lands Dual Rig Contract

SembCorp Marine Ltd, a subsidiary of SembCorp Industries Ltd said on Wednesday it had secured two rig contracts from Santa Fe International Corporation worth about $570 million. SembCorp said that its associated company PPL Shipyard Pte Ltd would construct two deepwater semisubmersible drilling rigs plus options for two additional drilling units. The first two rigs will cost approximately $285 million each, with the option rigs priced slightly higher. Construction of the first rig will commence in May and take approximately 30 months to complete. The second rig is expected to commence 18 months into the construction of the first, and is scheduled to be completed in 24 months.

25 Jul 2000

Sembcorp Ups Stake In SembCorp Marine

Singapore conglomerate SembCorp Industries Ltd has reportedly acquired another five million shares of SembCorp Marine at S$0.705 each after buying 40 million shares last week. The move led some analysts to speculate that the marine unit could be privatized, given its attractive valuation.

13 Feb 2001

SembCorp Posts Small Profit Rise

SembCorp Marine Ltd. (SCM), Singapore's largest ship repairer, posted a small rise in its 2000 net profit, in line with market expectations. SCM, 63 percent owned by conglomerate SembCorp Industries Ltd. with a market value of about S$1.1 billion, said last year's net profit was S$80.16 million, up 2.3 percent from 1999. Its bottom line was boosted by a one time gain of S$6.5 million from the sale of shares in Jurong Technology Industrial Corp. early last year and a writeback of tax over provisions of S$4.7 million. Analysts have a consensus 2000 forecast of S$81.5 million, according to Multex Global Estimates. The forecasts ranged from a low of S$71.5 million to a high of S$86.8 million.

14 Aug 2001

SembCorp Profits Boosted By Marine

Singapore's SembCorp Industries Ltd is expected to post up to a 60 percent rise in half-year net profit on Wednesday, boosted by its logistics, utility and marine businesses. Out of five analysts polled by Reuters, three forecast an interim net profit of between S$90 million ($51.2 million) and S$107 million, including exceptional gains, compared with S$67.27 million in the same period last year. The stock was at S$1.66, up seven cents at 0830 GMT, and most analysts rated the stock a buy or outperform, with price targets ranging between S$1.80 and S$2.20 on hopes that it could ride out the current cyclical economic downturn. They said its marine business should see a cyclical upturn…

04 Oct 1999

SembCorp Looks To Become A Global Contender

Diversified SembCorp Industries Ltd., fresh from sales of key non-core assets, is reportedly hunting for foreign partners in its bid to become a global contender in its core businesses. Already Asia's largest shipyard operator, SembCorp is confident about meeting its internal target of not less than 20 percent growth in net profit per annum and has set its sights beyond Asia.

11 Oct 1999

SembCorp Industries Looks To Become A Global Contender

Diversified SembCorp Industries Ltd., fresh from sales of key non-core assets, is hunting for foreign partners in its bid to become a global contender in its core businesses, President Wong Kok Siew said. Already Asia's largest shipyard operator, SembCorp is confident about meeting its internal target of not less than 20 percent growth in net profit per annum and has set its sights beyond Asia. "With the major divestments of non-core over, our game plan is simple -- to grow the group as we move forward," Wong, who is also the group's chief executive, said. The year-old entity of government-owned Singapore Technologies Industrial Corp and Sembawang Corp has made estimated proceeds of $340.5 million from its non-core asset sales so far this year.

09 Nov 1999

SembCorp Unveils Plans To Save $18M/Year

SembCorp Industries Ltd. unveiled details of its shipyard restructuring, resulting in annual savings of $18 million from 2001 to help the group stay competitive. SembCorp will reportedly eliminate duplications in yard operations of Jurong Shipyard Ltd., Sembawang Shipyard Pte. Ltd., SembCorp Logistics and its Indonesian Karimun yard. The revamp would see SembCorp setting up three units -- JPL Services, Jurong Machinery Automation and Jurong Integrated Services -- to serve the group's yards. JPL would supply all the yards' electricity and water as well as rental of equipment and maintenance. Jurong Integrated will be involved in steel fabrication and piping works for the yards, while Jurong Machinery would provide machinery fitting and marine automation.

06 Dec 1999

Jurong Lays Off Nearly 250 Workers

Jurong Shipyard, part of SembCorp Industries Ltd., cut 249 jobs last week as part of the group's shipyard restructuring efforts. "Where practicable, attempts were made to re-deploy or reassign affected employees within the yards. Those who would not be re-deployed or whose jobs became redundant were retrenched," company officials said. Jurong Shipyard, with a workforce of 3,021 prior to the cutbacks, said discussions were held with respective shipyard unions, and an agreement was reached on the benefits payable to affected employees. The cutbacks are part of SembCorp's shipyard restructuring plans announced in November. The restructuring is expected to result in annual savings of $17.8 million starting in 2001.