Sembcorp Marine's Sembawang Shipyard to rack up S$60m refit sales

Busy year ahead for the shipyard.

In a release, Sembcorp Marine announced that its wholly-owned subsidiary Sembawang Shipyard -- which specialises in the segment of cruise ship repairs, refurbishment and conversion -- ushered in 2013 with a series of 4 cruise ships in January. Another 8 cruise ships have been secured for refits in 2013 with total estimated sales in the region of S$60 million.

Mr Ong Poh Kwee, Deputy President of Sembcorp Marine said “2013 is expected to be another busy year for Sembawang Shipyard in the area of cruise ship refits, upgrading and modification. Besides the 4 cruise ships in the shipyard in January, we have been awarded another 8 cruise ships for repairs from various cruise ship owners and operators.”

Currently undergoing major upgrading and revitalization works in the yard are Superstar Libra from Star Cruises and Legend of the Seas from Royal Caribbean Cruises Ltd, the Shipyard’s new Favoured Customer Contract (FCC) partner since December 2012. The Azamara Journey, also from Royal Caribbean Cruises, completed its regular docking and repairs in Sembawang Shipyard and successfully sailed on 13 January 2013 while another cruise ship, Henna, owned by HNA Group of China and managed by Star Cruises, completed its refit on 16 January 2013.

The above is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Sembcorp Marine for the year ending December 31, 2013.