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Sembcorp Marine's losses bode ill for Singaporean shipbuilding

Rig builder log warns of more pandemic pain as rival Keppel exits the industry

Sembcorp Marine on Tuesday reported a net loss of $440 million for 2020 due to largely to the coronavirus pandemic.    © Reuters

SINGAPORE -- One of Singapore's biggest offshore rig builders has reported a fourfold surge in annual net losses and warns of further pain ahead as the city-state's shipbuilding sector struggles to overcome challenges from the coronavirus pandemic.

Sembcorp Marine on Tuesday reported a net loss of 582 million Singapore dollars ($440 million) for 2020, compared to a SG$137 million loss the previous year.

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