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Sembmarine repairs more vessels in 2015, but value is down

Sembmarine repairs more vessels in 2015, but value is down
Sembcorp Marine (Sembmarine) saw an increase in the number vessels repaired at its yards last year, however, the average value of jobs was down.

Sembmarine cfo Tan Cheng Tat said there was a 3% increase in the number of vessels repaired in 2015 to 453 compared to 439 in 2014. He said that with its new yard facility in Tuas it was able to repair a larger number of vessels.

However, the average value per vessel was down by 13% to SGD1.2m last year compared SGD1.4m in 2014.

The overall contribution of ship repair, which makes up 11% of group revenue, was down 10% at SGD557m in 2015 against SGD622m in the previous year.

According ceo Wong Weng Sun it was the largest repairer of LNG carriers worldwide last year with 34 LNG carriers repaired and upgraded at its yards. Overall tankers accounted for 27% of the vessels repaired, followed by bulk carriers with 17%, and containerships and drillships/rigs/FPSOs both with a 16% share.