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SembMarine plunges into the red on S$801m provisions

FY15 "has turned out to be one of the toughest years in recent history", says CEO

For the fourth quarter, SembMarine decided to include impairments and provisions of S$609 million for rig building contracts, including S$329 million for the Sete Brasil seven-drillship projects. A further S$192 million was provided for the negative impact from share of losses in other associates.


YARD group Sembcorp Marine slipped into the red with a fourth quarter net attributable loss of S$536.88 million in FY2015, a reversal from a profit of S$174.05 million in Q4 FY2014, after provisions of S$801 million on rig building contracts and share of losses in other...

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