SINGAPORE (July 23): To stay relevant, Sembcorp Marine is transforming itself to take on large scale EPC (engineering, procurement and construction) projects while offering nimble and compact solutions to customers, says CIMB-CGS Securities.

It is also scouting for new technology and intellectual property to widen its service offering, preparing for the rig recovery, says CIMB-CGS, with the latest acquisition of Sevan Marine cylindrical rigs is a case in point.

In a Friday report, analyst Lin Siew Khee says CIMB-CGS was right to expect a loss of S$20 million-S$40 million for 2Q18, as SembMarine posted loss of S$55.6 million which included S$27 million of one-off loss for the completion of West Rigel sale.

Revenue rose 38% q-o-q to S$1.6 billion due to stronger job flow in rigs and floaters, as well as repairs and upgrades. EBIT margin losses narrowed from...(click on link for full story on theedgesingapore.com)