Sembmarine unit secures wind turbine installation vessel project

SEMBCORP Marine (Sembmarine), through its wholly-owned subsidiary Sembcorp Marine Rigs & Floaters, has secured a contract to construct a wind turbine installation vessel, it said on Wednesday (Mar 23).

The value of the contract is not disclosed. The project is scheduled to be completed in early 2025.

Sembmarine said the design will be based on its in-house design in collaboration with the customer. It noted that it has collaborated with the customer "intensively" over 2 years to provide design development and verification work.

The company said the contract validates "its strategy to transform itself into an innovative engineering solutions provider in the offshore, marine and energy industries with a strategic focus on sustainability".

Sembmarine does not expect the contract will have any material impact on the net tangible assets and earnings per share of the group for its year ending Dec 31, 2022.

Shares of Sembmarine closed at S$0.093 on Tuesday, up S$0.001 or 1.1 per cent.

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