Sembcorp Marine returns to profitability
FEBRUARY 22, 2017 — Singapore’s Sembcorp Marine posted Group revenue of SGD 3.54 billion for the year ended December 31, 2016 (FY 2016) compared with SGD 4.97 billion previously. The Group reported
Search Results for: Sembcorp Marine
Sembcorp Marine takes full control of PPL Shipyard
AUGUST 23, 2016 — Singapore’s Sembcorp Marine Limited is to take 100% ownership of its PPL Shipyard. It has reached an agreement with PPL Holdings Pte Ltd and E-Interface Holdings Limited to
Sembcorp Marine swoops on Norwegian designer LMG
AUGUST 19, 2016 — Singapore’s Sembcorp Marine Ltd today reported that it has reached an agreement to acquire a i100% equity stake in LMG Marin AS (“LMG”) for US$20 million. LMG is
Sembcorp Marine ups stake in Gravifloat
MARCH 9, 2016 — Singapore’s Sembcorp Marine Ltd has acquired an additional 44% equity stake in LNG terminal solutions provider Gravifloat AS for US$38 million. This brings its stake in Gravifloat to
Sete woes help push Sembcorp Marine into loss
FEBRUARY 15, 2016 — Singapore based Sembcorp Marine posted a 2015 net loss of Singapore $290 million (US $207.3 million) on revenues of Singapore $4.97 billion, down 15% from FY 2014’s Singapore
Good news, bad news from Sembcorp Marine
The good news is that subsidiary Sembcorp Marine Rigs and Floaters Pte. Ltd. has secured a contract to design and build a new floating, storage and offloading (FSO) vessel for MODEC Offshore Production Systems (Singapore) Pte. Ltd. (MOPS), a subsidiary of MODEC, Inc.
The bad news is Marco Polo Marine Ltd yesterday canceled a $214 million contract placed by subsidiary MP Drilling at Sembcorp Marine’s PPL Shipyard for the construction of a high-spec Pacific Class 400 jack-up.
“In arriving at this decision to terminate the rig construction contract,” said Marco Polo, it had taken into account “various factors including cracks found on all three legs of the New Rig during two rounds of tests, notwithstanding repair works carried out by PPL after the first round of tests.”It said it would not be taking delivery of the rig and would be seeking return of its initial $21.4 million payment, plus interest.
Today, Sembcorp Marine said that PPL Shipyard had not received any notice of termination of the construction contract at the time it learnt of the announcement.
“PPL Shipyard disagrees with the allegations in the announcement and will regard this as repudiatory breach of the contract, and will terminate the Contract and claim amounts due under the Contract against MP Drilling and its guarantor Marco Polo Marine,” said Sembcorp Marine. “PPL Shipyard will take the necessary steps to enforce its rights.
MODEC FSO
Scheduled for delivery in first quarter 2018, the new floating, storage and offloading (FSO) vessel ordered by MODEC Offshore Production Systems (Singapore) Pte. Ltd.(MOPS) will be Sembcorp Marine’s first FSO newbuilding secured on a full turnkey project basis including Engineering, Procurement, Construction and Commissioning (EPCC). MODEC will supply the internal turret and topside modules (vapor recovery unit and metering skid) which Sembcorp Marine will install and integrate.
Mr. William Gu Wei Guang, Head of Sembcorp Marine Rigs & Floaters, said: “This is our 24th project working with MODEC and the first newbuild FSO for SCM Rigs & Floaters. The FSO will be built using our facilities at Tuas Boulevard Yard. We thank MODEC for placing their confidence and trust in us.”
When completed, the FSO will be deployed at Maersk Oil’s Culzean field, the largest new oil and gas field to have been discovered in the North Sea for a decade, and recently approved by the UK Oil & Gas Authority for development.
Sembcorp Marine wins $1 billion crane vessel order
JULY 15, 2015 — Singapore’s Sembcorp Marine (SCM) has entered into an Engineering and Construction contract worth approximately US$1 billion with Heerema Offshore Services B.V. (HOS) to build a new DP3 semi-submersible
Sembcorp Marine acquires SSP Offshore assets
SEPTEMBER 10, 2014 — Singapore headquartered Sembcorp Marine reports that its wholly-owned subsidiary Jurong Shipyard Pte Ltd has signed a sales and purchase agreement with SSP Offshore to acquire substantially all its
Sembcorp Marine books jack-up, drillship orders
FEBRUARY 27, 2014 — Singapore’s Sembcorp Marine is starting the year with significant orders. Yesterday it announced that its PPL Shipyard had signed a turnkey jack-up rig contract worth US$214.3 million with
Sembcorp Marine profits inch up
FEBRUARY 24, 2014 — Singapore’s Sembcorp Marine recorded a full year net profit of Singapore $556 million in 2013, 3% higher than the previous year’s S$538 million. On a quarterly basis, 4Q