Sembcorp Marine expects losses to continue for FY21 given worker shortage
1. In the May 3 update, the group notes that supply chain constraints and a shortage of skilled workers continue to be a challenge, as ongoing border controls prevent foreign workers from countries such as India and Bangladesh from returning to Singapore.
2. On its renewable energy sector, SembMarine highlights the contract it jointly secured with GE Renewable Energy’s Grid Solutions during the quarter for a high voltage direct current (HVDC) electrical transmission system for the Sofia Offshore Wind Farm. The HVDC system represents Sofia’s second-largest contract and is worth approximately GBP600 million ($1.12 billion).
3. SembMarine is also currently fabricating 15 jacket foundations for the Formosa 2 Offshore Wind Farm located in Taiwan. The 376-megawatt facility will be Taiwan’s largest offshore wind farm, generating electricity for over 380,000 households.
4. The group has an existing order book of over $1.89 billion, including $0.29 billion of ongoing repairs and upgrades for delivery in 2021. The group says it secured "multiple contracts" for repairs and upgrades, including a long-term contract with a European owner and operator of luxury cruise ships and yachts.
5. On future orders, the group says that competition for new projects remains intense as market sentiment improves. SembMarine is tendering for more than 10 projects, predominantly within the renewable energy and gas solutions segment.
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