Sembcorp Marine boast strong LNG repair activity in 2017

Singapore-based Sembcorp Marine said its liquefied natural gas (LNG) carrier repair business remained ‘top of the global list’.

The company’s president and CEO Wong Weng Sun, during the full year results briefing, said the yard repaired and upgraded a total of 34 LNG ships during 2017, more than any other yard in the world.

According to the CEO, this is also the fifth time the company had been at the top of the global list for the amount of repaired LNG carriers during a year.

“We have continuously enhanced and broadened our LNG engineering solutions, repair and upgrade capabilities and facilities,” he said.

He added that the demand for repairs and upgrades, especially for LNG carriers and cruise ships remains strong.

Regulations on ballast water treatment requirements coming into force in the foreseeable future will further underpin the potential of this segment.

However, due to new orders flow remaining weak during the year, net profit plunged from $79 million in the financial year 2016 to $14 million in FY 2017.

Group revenue was $2.39 billion, compared with $3.54 billion in FY 2016, the report shows.