Singapore fabricator Sembcorp Marine has put a greater push into the offshore wind sector at the heart of a strategy to return the company to profitability.
The yard is aiming to grow business in renewables and other green sectors as one of five areas listed to shareholders at an AGM on Wednesday.
Sembcorp chief executive Wong Weng Sun said the company is facing a “severe downturn” but is eyeing a beefed-up order book to get back into the black in the long term.
“Our strategy is to expand into new product segments and provide innovative solutions across the offshore, marine and energy value chains, both within and outside the oil and gas sector,” he said.
“Sembcorp Marine has successfully moved into the offshore wind farm segment since 2015. We have established a track record in the design, engineering, construction and installation of offshore platforms and jackets for the offshore energy segment.
“Our competitive edge stems from our ability to leverage our integrated marine and offshore engineering capabilities to provide a full value chain of offshore wind products and solutions.”
Weng Sun meanwhile confirmed that its yard activities have been “curtailed” for the time being due to COVID-19 restrictions.
The company is slated to supply jackets for the 376MW Formosa 2 wind farm in Taiwan and two offshore substation topsides for Orsted’s 1.4GW Hornsea 2 off east England.
“While our yard activities have been curtailed by COVID-19 measures, we are actively assessing the impact on our project schedules and are working closely with our customers to manage the ongoing projects during this challenging period,” he said.