Sembcorp Marine's net order book hits $1.75b in Q122

Of the total net orders, $1.51b were projects under execution.

Sembcorp Marine's net order book has reached $1.75b by end of Q122, its latest business update showed.

Of the total net orders, $1.51b were projects under execution which include renewable solutions, process solutions, gas solutions, ocean living solutions, and advanced drilling rig solutions.

Amongst its renewable solutions on the pipeline is the construction of a Wind Turbine Installation Vessel (WTIV)  in collaboration with Maersk Supply Service.

Meanwhile, the remaining $0.24b of net orders were ongoing Repairs & Upgrade projects.

To further grow its order book, the company said it is "actively working on several tender opportunities in the O&M segment, as well as inquiries for offshore vessels upgrading projects." and "actively pursuing multiple tender opportunities in the offshore renewables and new energy segments."

For Q1, Sembcorp Marine was able to complete at least seven projects including the Fabrication of six production topsides and four bridges for Total Energies EP for the Tyra Redevelopment Project off the coast of Denmark.

The completion of several projects during the quarter resulted in an improved cash flow and overall cash balance for the group, bringing its net debt/equity ratio to 0.38 times at the end of 1Q2022 from 0.49 times at the end of 4Q2021.