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".