Sembcorp Marine waiting on money from Brazil

Singapore: Sembcorp Marine is owed up to S$80m by Sete Brazil, Wong Weng Sun, Sembcorp president and chief executive, said yesterday.

A key part of Sembcorp Marine’s orderbook are the seven drillships, each worth about $800m, that Sete Brasil has ordered. This order accounts for roughly half of the Singapore yard’s total orderbook. Sete Brasil was established by Brazilian energy firm, Petrobras, and a number of banks to build up a deepwater drilling rig fleet for Petrobras, which has recently been hit hard by a corruption scandal.  [13/02/15]