Sembcorp Begins Proceedings Against Hin Leong Affiliate
Sembcorp Industries on Monday said its Sembcorp Cogen unit had begun legal proceedings to assert ownership over some gasoil reserves stored in tanks at Singapore's Universal Terminal, partly owned by oil trader Hin Leong Trading Pte Ltd.Just last week, Sembcorp Cogen terminated its gasoil supply and storage agreement with Hin Leong Trading, which is being monitored by Singaporean authorities.Sembcorp Cogen on April 24 obtained a court order to restrain Universal Terminal from moving…
Sembcorp Marine Outlook Subdued on Q1 Profit Slump
Singaporean rig builder Sembcorp Marine Ltd said on Wednesday first-quarter profit fell 86 percent, and signaled a subdued outlook for orders and business volumes.Sembcorp Marine said profit came in at S$5.3 million ($4 million) for the three-month period ended March, compared with S$37 million in the same period a year ago.The year-ago profit was boosted by an one-off gain from the disposal of Sembcorp Marine's stake in Cosco Shipyard Co.Overall business volume has remained significantly below peak levels…
Sembcorp Industries' Energy Arm Files IPO Papers
Sembcorp Energy India, an independent power producer, filed draft papers with capital markets regulator Sebi to float an initial public offering (IPO). The company, which has thermal and renewable power assets in India, is promoted by the Singapore Exchange-listed Sembcorp Industries. The IPO comprises fresh issue of shares worth up to Rs 4,095 crore and an offer for sale (OFS) of up to 146,774,194 equity scrips by the existing shareholders, draft papers filed with Securities and Exchange Board of India (SEBI) showed.
Sembcorp Marine Swings to Q4 Profit
Annual revenue lowest since 2006. Singapore's Sembcorp Marine Ltd (SembMarine) swung to profit in the fourth quarter of 2016 after provisions pulled the rig builder into a loss the year earlier, but a downturn in oil prices pushed annual revenue to its lowest in a decade. SembMarine and compatriot Keppel Corp Ltd have been suffering from an oversupply of offshore oil drilling rigs, with customers delaying contracts and refraining from placing orders while oil hovers at about half its 2014 peak.
Sembcorp’s Chongqing Power Plant Achieves Full Operation
Sembcorp Industries (Sembcorp) power plant in Chongqing has successfully commenced full commercial operation following the completion of its second 660-megawatt unit. The 1,320-megawatt coal-fired plant comprises two units of 660 megawatts each, with the first unit completed in November 2016. Located in Anwen, Qijiang district, the 1,320-megawatt power plant utilises supercritical technology and is one of the most efficient power plants in Chongqing. With the successful completion…
Sembcorp Myingyan Project Powers Ahead
Sembcorp Industries (Sembcorp) has signed a build-operate-transfer (BOT) agreement with the Ministry of Electricity and Energy of Myanmar (MOEE), for its upcoming 225-megawatt Sembcorp Myingyan gas-fired power plant in Mandalay. The agreement between Sembcorp Myingyan Power Company and MOEE was signed by Tan Cheng Guan, Sembcorp Industries’ Executive Vice President & Head, Group Business Development & Commercial, and U Htein Lwin, Permanent Secretary at MOEE.
Sembcorp Marine Swings to Loss in Q3
Singapore's Sembcorp Marine Ltd swung to a loss in the third quarter and the rig builder's revenue was hurt by customers deferring rig deliveries amid a protracted downturn in the oil and natural gas market. The company posted a net loss of S$21.8 million ($15.7 million) for the three months ended Sept. 30, compared with a net profit of S$32.1 million a year ago. It said the bottomline was hurt by higher financing costs, share of losses from associates and foreign exchange impact.
Sembcorp Profit Halved as Clients Defer Projects
Revenue falls 30 pct; order book at S$9.7 billion. Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces prolonged uncertainty on contracts from its biggest client, Sete Brasil, whose shareholders have approved its bankruptcy. Sembcorp Marine posted a profit of S$55 million ($41 million) for the three months ended March 31, compared with a profit of S$106 million a year ago. Sembcorp Marine and its…
Sembcorp Marine posts first Quarterly Loss.
Posts S$535 mln loss vs year ago profit; net order book backlog at S$10.4 billion. Singaporean rig builder Sembcorp Marine Ltd posted its first quarterly loss, hit by writedowns and project delays by its key customers, underscoring the strain caused by plunging crude oil prices. The company also warned that it expects the downtrend to last longer than previous cycles as Singapore's $10 billion rig building industry faces cancellations and a dearth of new orders.