Sembcorp Marine - OCBC Investment 2015-12-02: To post net loss in 4Q15
SEMBCORP MARINE LTD S51.SI Sembcorp Marine: To post net loss in 4Q15
- Sembcorp Marine (SMM) issued a profit warning last evening, saying it expects to report a net loss for 4Q15 and a significant decline in net profit for FY15. In the statement, SMM attributed this to the challenging operating environment and customers deferring or seeking to defer their rig orders.
- We believe this could be partly due to a profit reversal from the jack-up rig in dispute with Marco Polo Marine; there has also been talk that Seadrill may be reevaluating its US$568m semi-submersible rig (West Rigel) which it ordered in Apr 2012.
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