Sembcorp Marine (SembMarine) has reported a reduced loss of $118.3 million for the 2HFY2022 ended Dec 31, 2022, 77.4% lower than the loss of $523.3 million for the same period the year before. The group also turned ebitda positive during the 2HFY2022.
For the FY2022, SembMarine’s loss was reduced to $261.1 million, 77.7% lower than the loss of $1.17 billion during the FY2021. The net loss was impacted by one-off cost increases from residual Covid-19 challenges, says the group.
Loss per share for the 2HFY2022 and FY2022 stood at 0.38 cents and 0.83 cents respectively.
During the 2HFY2022, the group reported a turnover of $852.2 million, 16.3% lower y-o-y. This was mainly due to the lower revenue recognition from rigs & floaters and offshore platform projects which are nearer to completion and mitigated by higher repairs & upgrades business.
Meanwhile, FY2022 turnover came in at $1.95 billion, 4.6% higher y-o-y, due to higher revenue recognition from floater projects arising from the settlement of final contract negotiation upon completion. Contributions from new project, higher repairs & upgrades business also led to the higher full-year turnover. The turnover growth, however, was offset by lower revenue recognition from offshore platform projects which are nearer to completion.
2HFY2022 gross loss stood at $39.3 million, 92.1% lower than the gross loss of $494.1 million. Gross loss for the FY2022 stood at $132.2 million, 87.8% lower than the gross loss of $1.08 billion in the FY2021. The reduction in gross loss for both the 2HFY2022 and FY2022 was due to the significantly higher contributions from floater and offshore platforms projects arising from settlement of final contract negotiation and higher contributions from repairs & upgrade business.
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During the FY2022, the group had a total of 21 projects under execution, of which 12 key projects were completed and delivered to date.
As at Dec 31, 2022, cash and cash equivalents stood at $2.09 billion. The group’s net order book stood at $6.75 billion as at Dec 31, 2022.
“With the world’s energy transition underway and with the group’s continuing design and development initiatives, the group has recorded a growing share of renewables and cleaner/green solutions in its order book. As at the end of 2022, renewable wind energy and other cleaner and green solutions account for approximately $2.5 billion or a significant 37% of the group’s net order book,” says SembMarine.
Looking ahead, the group says it is positive on the prospects of oil & gas, offshore renewables and other green solutions amid the ongoing energy transition.
Shares in SembMarine closed 0.1 cent lower or 0.78% down at 12.7 cents on Feb 27.
