Sembcorp Marine secures $1.5 billion loan to position for offshore recovery

Sembcorp Industries is providing Singapore’s offshore rig builder Sembcorp Marine with a five-year subordinated loan facility of S$2 billion ($1.5 billion). The loan will strengthen Sembcorp Marine’s financial position amidst the current downturn in the global offshore and marine industry, the company has said.

According to its statement on Friday, Sembcorp Marine will be using the subordinated loan to retire approximately S$1.5 billion of borrowings, and the balance S$500 million for working capital and general corporate purposes.

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