Sembcorp Marine's net order book hits $7.11b

This consists of $6.80b of projects under execution.

Sembcorp Marine's (Sembmarine) net order book reached $7.11b by end of Q322, its latest business update showed.

Of the total net order book, $6.80b are projects under execution, and $0.31b are ongoing Repairs and Upgrades projects.

Some of Sembmarine's projects under execution include its largest Engineering, Procurement and Construction (EPC) contract with Petrobas and the Wind Turbine Installation Vessel (WTIV) for Maersk Supply Service.

Renewable wind energy and other cleaner and green solutions, like Maersk's, account for 34% of Sembmarine's net order book.

Whilst Sembmarine secured new orders and completed several projects to date, the company said these were not sufficient to offset higher labour and other costs; thus, they are expecting 2H22 losses to be similar to 1H22.