,Singapore

Sembcorp Marine expects to incur losses in H2

The company also experienced a loss of $647m for H1.

Sembcorp Marine announced that it expects to continuously post losses for the second half (H2) of 2021.

In the previous month, a loss of $647m was reported. This is expected to continue due to COVID-related problems, such as border controls, workforce supply, and quarantine restrictions.

Challenges faced by the company include delays in delivery of equipment due to border control, longer lead time for purchasing of new components, slower recruitment of additional skilled labour, continuing attrition of skilled workers, and work disruptions meant to address the COVID-19 spikes. 

These problems, according to the group, have resulted in further delays and increased projected costs over the next three to nine months. Five of the 16 projects currently under the company have been delayed by one to three months.

Losses incurred in H2 2021 are also expected to be in the same range as those for the first half of 2021, with the deciding factor being the performance of the group in the last quarter of 2021.

To combat this, the ongoing expansion into clean energy growth is seen to provide a foundation for sustainable growth. Negotiations with counterparties are also being done to mitigate the losses.

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