To recap, both government-linked companies were profitable before the O&M bust, which saw revenues plunge and led each to incur losses exceeding $1.0 billion. In June 2021, the companies announced their potential merger to create a “stronger” combined entity that will be more competitive by pursuing “synergies arising from combined scale, footprint and capabilities,” according to a press release.
As the world seeks to balance the challenges of the energy trilemma — security, affordability and sustainability — the fortunes of offshore and marine (O&M) player Seatrium, along with the sector as a whole, are gaining momentum.
Born out of a combination of the world’s two largest oil rig-builders — Sembcorp Marine and Keppel O&M, Seatrium not only had to navigate the complexities of merging two entities, but also transform itself to remain relevant as the O&M sector went into a tailspin from the mid-2010s onwards, before being further pummeled during Covid-19.
