Sembmarine proposes changing its name to Seatrium

SEMBCORP MARINE (Sembmarine) : S51 0% announced on Monday (Apr 3) its proposal to change its name from Sembcorp Marine Ltd to Seatrium Limited, subject to the approval of shareholders.

This comes after the completion of Sembmarine’s merger with Keppel Offshore & Marine on Feb 28. 

The combined entity will unite world-class talent and engineering capabilities to create transformative and sustainable offshore and energy solutions, noted Sembmarine. 

The marine and offshore engineering company said it will adopt a new branding for the enlarged entity. 

Seatrium is a combination of the words “sea” and “atrium”, which reflects the business and its aspiration to be a premier global player providing innovative engineering solutions for the offshore, marine and energy industries, said Sembmarine. 

More than 1,000 names were generated in the process of creating the proposed name, and a “rigorous process of legal and linguistic screening was carried out” to ensure that the chosen name would be viable.

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“The proposed change of name is subject to shareholders’ approval and will not affect the identity of the company or any of its rights and obligations, nor will it affect any of the rights of shareholders or the group’s daily business operations and financial standing,” said Sembmarine. 

Separately, Sembmarine gave notice on Monday that it has recorded pre-tax losses for three consecutive years.

It, however, meets the financial entry criteria to avoid being placed on the Singapore Exchange’s (SGX) watch list, as its six-month average daily market capitalisation as at Mar 31 was S$4.77 billion. 

According to SGX listing rules, mainboard-listed companies will be placed on the watch list under the financial entry criteria if they record pre-tax losses for the three most recently completed consecutive financial years, and fail to maintain an average daily market cap of at least S$40 million over the last six months.

Companies on the watch list must take active steps to satisfy the financial requirements within 36 months from the date they are placed on the watch list.

That means recording a consolidated pre-tax profit for the most recently completed financial year, based on the latest full-year consolidated audited accounts, and having an average daily market cap of S$40 million or more over the last six months. Otherwise, they will be delisted or have their trading suspended with a view to delisting.

Sembmarine recorded a net loss of S$261 million for fiscal 2022, compared with a net loss of S$1.2 billion in FY2021. 

Shares of Sembmarine closed at S$0.123 on Monday, up S$0.004 or 3.36 per cent.