Coronavirus, oil price slowing offshore orders for Singapore yard
May 13, 2020
Sembcorp Marine retains a workload of new fixed and floating production platforms, although COVID-19 has led to delays in execution and completion of some projects.
Offshore staff
SINGAPORE – Sembcorp Marine retains a workload of new fixed and floating production platforms, although COVID-19 has led to delays in execution and completion of some projects.
The oil price drop and the industry-wide cuts in capex have also impacted the company’s negotiations and finalization of new orders, such as Siccar Point’s FPSO for the Cambo oil project west of Shetland, with that project now postponed to 2021.
At the same time, the virus has affected global shipping operations and Sembcorp’s Repairs & Upgrades business.