Seatrium has bought back shares for the second time following the completion of the merger between Sembcorp Marine and Keppel's offshore and marine unit.
On Aug 4, the company paid 13.4 cents each for 20 million shares. This follows its first buyback nearly two months ago on June 12, when it paid 12.4 cents to buy 1.2 million shares.
Seatrium's buybacks are in contrast to the steady sale of its shares by Keppel Corp of late.
The most recent was on July 28, Keppel sold 50 million shares at 14.52 cents each, lowering its stake to 2.1496% from 3.37% previously.
As part of the merger, completed earlier this year, Keppel Corp ended up holding around 5% of Seatrium shares.
On July 28, Seatrium reported a loss of $264.4 million for its 1HFY2023 ended June 30, a level higher than some analysts' expectations, no thanks to higher costs incurred for certain projects plus merger-related expenses.
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The company has guided that it will end the current FY2023 in the red as well, as it focuses on delivering orders worth some $19.7 billion.
Seatrium shares closed Aug 4 at 14 cents, up 0.75% for the day but down 3.57% year to date.
