Sembmarine's US$696m deal seen as timely

Singapore

SEMBCORP Marine's announcement of a new contract secured this week could not have come at a better time as the rigbuilder's stock has been taking a beating due to low oil prices, doubts over the timely delivery of a drillship and sluggish contract wins.

Sembmarine confirmed this week that its wholly owned subsidiary, Jurong Shipyard, had won a US$696 million deal to convert a shuttle tanker into a floating, prod…