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SembMarine sees net loss in 1HFY2022 narrow to $143 mil due to lower than breakeven activity volume

Felicia Tan
Felicia Tan8/12/2022 08:30 AM GMT+08  • 2 min read
SembMarine sees net loss in 1HFY2022 narrow to $143 mil due to lower than breakeven activity volume
In its outlook statement, SembMarine adds that it expects to make a loss in the FY2022 even if it anticipates operational and financial performance to continue to improve. Photo: SembMarine
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Sembcorp Marine (SembMarine) has posted a net loss of $143 million in the 1HFY2022 ended June, 78% narrower than the net loss of $647 million in the same period the year before.

The loss during the period was due to lower than breakeven activity volume as existing orders are completed and new orders secured in 1H2022 would start contributing to revenue mainly in subsequent periods.

Revenue increased by 29.7% y-o-y to $1.09 billion due to significantly higher revenue recognition from floater projects due to the settlement of final contract negotiation upon completion and contributions from new project. The increase was offset by lower repairs & upgrades business and lower revenue recognition from offshore platform projects which are nearer to completion.

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