Sembcorp Marine (SembMarine) has reported a higher net loss of $582.5 million for the FY2020 ended December, compared to the net loss of $137.2 million in the FY2019, due to lower overall revenue and $162 million of asset impairments and provisions recorded in 4QFY2020.

The provisions include an increase in provisions of $74 million for reinstating the group’s vacated Tanjong Kling Yard, an increase in impairment loss of $49 million on a marine vessel, a write down of inventory relating to jack-up equipment amounting to some $34 million, and an expected credit loss on receivables of $5 million.

For the 2HFY2020, the group posted a higher net loss of $390.4 million, from the $130.3 million in the same period a year ago.

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