to effectively create two entirely separate entities that will focus on energy and marine.
The three ways are to increase the profit margin, to increase the amount of borrowings, and to reduce the amount of assets used in the business. However, COVID-19 accelerated this need for restructuring, as the pandemic adversely impacted the shipbuilding businesses of both groups. It not only reduced the demand for oil and gas exploration but also disrupted the supply of migrant workers who were crucial to their yard operations.The best commentaries and analysis to help you see beyond the news headlines.This service is not intended for persons residing in the EU.
As for Sembcorp, already in May 2020, it had reported the negative impact of the pandemic on its traditionally profitable energy and urban business units, in addition to the loss-making marine segment. No wonder then, a month later, it announced selling off its marine business, which, in March, reported three consecutive years of losses.
SPH failure is not due to Covid19, it is due to one sided, low quality journalism.