SembMarine registers $390m net loss in H2 2020

Turnover for the same period dropped 54.9% to $604.1m.

Marine and offshore engineering group Sembcorp Marine (SembMarine) has seen its net loss for H2 2020 widen to $390m, from $130m during the same period in 2019, the company announced in a bourse filing.

Net loss for H2 2020 is at $246m when excluding material impairments and provisions.

For FY2020, SembMarine’s net loss is at $583m from $137m a year before.

Meanwhile, the group’s revenue for H2 2020 has dropped 54.9% to $604.1m from $1.34b a year ago. This is mainly due to lower revenue recognition from rigs and floaters, repairs and upgrades and specialised shipbuilding projects, which was mitigated by higher revenue recognition from offshore platforms.

For FY 2020, turnover was down 47.6% to $1.51b.

Whilst SembMarine expects losses to continue, it mentioned that it will continue its strategic initiatives to build business resilience and position itself for future growth.

“Sembcorp Marine stands poised to benefit from this transition with innovative and sustainable solutions, underpinned by its technology bench strength across the global offshore, marine and energy value chain,” SembMarin said.