Sembcorp Marine shares surge again on Wednesday, prompting SGX query

Shares in Sembcorp Marine continued to climb on Wednesday (Feb 17) on the back of privatisation hopes.
Shares in Sembcorp Marine continued to climb on Wednesday (Feb 17) on the back of privatisation hopes. PHOTO: REUTERS

SINGAPORE - Shares in Sembcorp Marine continued to climb on Wednesday morning (Feb 17) on the back of privatisation hopes, prompting a query from the Singapore Exchange (SGX) for unusual price movements.

The counter shot up 7 cents to $1.64 at about 11.50am on Wednesday, after rising 4 cents on Monday and 11 cents on Tuesday.

This comes amid talk that oil rig builder could be taken private.

Sembcorp Marine, which has been hit hard by the oil price slump, posted on Monday its first quarterly loss since it quarterly reports were introduced some 12 years ago.

It recorded a net loss of $536.9 million for the three months to Dec 31, and a full-year loss of $298.7 million.