Hot stock: Sembmarine up 9.7%, hits seven-month high

SHARES of mainboard-listed Sembcorp Marine (Sembmarine) hit a seven-month high amid heavy trading on Monday.

The counter hit an intraday high of 20.3 Singapore cents at 10.50am, up 9.7 per cent or 1.8 cents. The last time Sembmarine shares closed near this level was on Aug 31, 2020. As at 11.56am, the counter was up 8.1 per cent or 1.5 Singapore cents to S$0.20.

The offshore and marine company was also the most actively traded counter by volume at 11.56am, with 317 million shares changing hands.

Sembmarine last announced sealing a £600 million (S$1.12 billion) UK wind farm contract together with GE Renewable Energy's Grid Solutions in March this year.

Sembmarine's scope of work in the project includes design, construction, installation and commissioning of the offshore converter platform on the UK-based Sofia Offshore Wind Farm.

The construction of the platform will begin this year and is slated for delivery and installation at the wind farm site in 2023.

Sembmarine shares closed 16.2 percent or 3 Singapore cents higher at 21.5 Singapore cents on Monday.