Sembcorp Marine warns of multi-million dollar loss on inflated manpower costs : vimarsana.com

Sembcorp Marine warns of multi-million dollar loss on inflated manpower costs


13 July 2021 2:37 GMT
Updated 
13 July 2021 12:14 GMT
 in 
  London 
Singapore's Sembcorp Marine warned investors this week that its first-half 2021 financial results will be hit by ongoing costs related to manpower shortages and project delays.
The contractor has seen its wage costs escalate as it battles to secure workers amid the coronavirus pandemic.
The company said it will make provisions in its first-half 2021 results for significant additional manpower and project delay-related costs to be incurred over the next six to 18 months.
This will translate to half-year losses likely “in the region” of the S$583 million (US$431 million) that it posted for the full year 2020.

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