Sembmarine share price dips below S$0.08 offer price; customer to move unfinished vessel out of yard

SHARES of Sembcorp Marine (Sembmarine) ended at S$0.079 on Friday (Oct 22), below the S$0.08 offer price set by Temasek in its mandatory general offer last month.

This comes as a media report on Thursday said that Sembmarine's work on the Johan Castberg vessel has been hit by "serious manpower shortages" due to the pandemic, and the project owner is set to transport the unfinished components from Singapore to Norway.

According to the report by trade publication Upstream, Norwegian energy company Equinor will transport the unfinished hull and turret for the Johan Castberg floating production, storage and offloading (FPSO) vessel to Norway, due to delays and escalating costs. These components were being built at Sembmarine's yard, the report said.