Sembmarine to stay focused on clean, green solutions; worst of writedowns likely over
SEMBCORP Marine (Sembmarine) on Tuesday reiterated its focus on "cleaner and greener solutions" after lower oil prices caused it to post an even larger net loss for the second half of its financial year ended Dec 31, 2020. Management also sees an improved outlook for FY2021.
In a call to discuss the company's latest earnings, Sembmarine's chief executive Wong Weng Sun and finance director William Goh said the group had already been shifting the focus of its efforts and resources to green opportunities since 2015.
Although Keppel Corporation's exit from the business of building oil rigs might mean less competition for Sembmarine, Mr Goh said this is not an area where the group sees potential "in the immediate future".
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results