SINGAPORE (THE BUSINESS TIMES) - Hit hard by the double whammy of the Covid-19 pandemic and the collapse in oil prices, Sembcorp Marine (SembMarine) will be deferring all non-essential capital expenditures (capex) to preserve cash flow and manage overall liquidity with prudence and discipline.. Read more at straitstimes.com.
SINGAPORE - Hit hard by the double whammy of the Covid-19 pandemic and the collapse in oil prices, Sembcorp Marine will be deferring all non-essential capital expenditures to preserve cash flow and manage overall liquidity with prudence and discipline.
The collapse in oil prices from March 2020 had resulted in major oil companies deferring their final investment decisions for projects and cutting the capex significantly for this year. This also significantly affected SembMarine's securing of new orders for the foreseeable future. Singapore's virus-related restrictions had also substantially reduced the group's operating yard workforce to 850 from about 20,000 previously,"severely" constraining yard activities.
Since"circuit-breaker" measures were implemented on April 7, the group imposed a no-entry into its yards for workers staying in close proximity to dormitories linked to Covid-19 infections.
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