SINGAPORE – Sembcorp Marine (Sembmarine) is proposing to change its name to Seatrium after completing its $4.5 billion acquisition of compatriot Keppel Offshore & Marine in March, as it rebrands the enlarged entity.
The name change, announced on Monday, is subject to shareholder approval.
The combined entity will unite world-class talent and engineering capabilities to create transformative and sustainable offshore and energy solutions, said Sembmarine.
Seatrium is a combination of the words “sea” and “atrium”, which reflects the business and its aspiration to be a premier global player providing innovative engineering solutions for the offshore, marine and energy industries, said the company.
More than 1,000 names were generated in the process of creating the proposed name and a “rigorous process of legal and linguistic screening” was carried out to ensure that the chosen name would be viable.
“The proposed change of name is subject to shareholders’ approval and will not affect the identity of the company or any of its rights and obligations, nor will it affect any of the rights of shareholders or the group’s daily business operations and financial standing,” said Sembmarine.
Separately, Sembmarine on Monday gave notice that it has continued to record pre-tax losses for three consecutive years.
It, however, meets the financial entry criteria to avoid being placed on the Singapore Exchange’s (SGX) watch list, as its six-month average daily market capitalisation as at March 31 was $4.77 billion.
Sembmarine recorded a net loss of $261 million for fiscal year 2022, compared with a net loss of $1.2 billion for fiscal year 2021.
Shares of Sembmarine closed up 0.4 cent, or 3.4 per cent, at 12.3 cents on Monday. It was the day’s most actively traded stock, with 682 million shares changing hands.
Brokerage CGS-CIMB last week raised its target price for Sembmarine to 19 cents from 12 cents previously after the company announced that, together with General Electric, it had clinched a €6 billion (S$8.6 billion) deal to supply electrical transmission systems for three offshore wind farm projects in the Netherlands. THE BUSINESS TIMES
- With additional information from The Straits Times
