Sembcorp Marine (SembMarine) has given notice that it has recorded losses for three consecutive financial years (FYs) on April 3.
In its latest results release, the group reported a reduced loss of $261.1 million for the FY2022 ended Dec 31, 2022.
The group was also recently given the green light to merge with Keppel Offshore and Marine (Keppel O&M). The combined entity will be helmed by Chris Ong, Keppel O&M’s CEO.
As at March 31, SembMarine’s latest six-month average daily market capitalisation stood at $4.77 billion, which means it still meets the requirements to avoid being placed under the Singapore Exchange (SGX)'s watchlist.
Under the rules of the listing manual, SGX will place issuers under its watchlist if they record pre-tax losses for the three most recently completed consecutive financial years and have an average daily market capitalisation of less than $40 million over the past six months.
Shares in SembMarine closed 0.4 cents higher or 3.48% up at 11.9 cents on March 31.
