Update: Sembcorp Marine makes S$609m impairment for rigs, sinks into the red for FY15

Comments: Very likely to see the share price red in tomorrow’s trading session

FEB 15, 20166:14 PM

SEMBCORP Marine made impairment and provisions of S$609 million for rigs, including S$329 million for Sete Brasil drillship projects, for the fiscal year ended Dec 31, 2015, with the view that this down-cycle will be “more protracted than previous cycles”.

This dragged the group into a net loss of S$290 million for the year, from a net profit of S$560 million in fiscal 2014. Revenue slipped 15 per cent to S$4.97 billion mainly due to lower revenue recognition from rig building projects.

 

Before the impairment and provisions, the rig builder racked in S$384 million in net profits (down 31 per cent year on year).

Read full article here:

http://www.businesstimes.com.sg/companies-markets/update-sembcorp-marine-makes-s609m-impairment-for-rigs-sinks-into-the-red-for-fy15

 

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