SINGAPORE (THE BUSINESS TIMES) - Marine and offshore engineering group Sembcorp Marine (Sembmarine) on Tuesday (March 29) gave notice that it recorded three consecutive years of pre-tax losses, based on its audited full-year consolidated accounts.

The group's six-month average daily market capitalisation was $2.64 billion as at March 28, which means the group still meets the financial entry criteria to avoid being placed on the Singapore Exchange's (SGX) watchlist.

Firms are placed on the SGX watchlist if they record losses for the three latest consecutive financial years and have an average daily market cap of under $40 million over the last six months.

Prior to its announcement, Sembmarine shares had ended Monday at a seven-month high of 10.3 cents, up 0.9 cent, or 9.6 per cent.

On March 23, the group announced that its wholly owned subsidiary won a contract to construct a wind turbine installation vessel. It did not disclose the value of the contract.

In February, Sembmarine posted a net loss of $523.3 million for its second half ended December 2021, widening from a $390.4 million loss a year earlier, as challenges from the Covid-19 pandemic weighed on its operations.

Sembmarine has been issuing notices for three consecutive years of pre-tax losses for the past two years. Its six-monthly average daily market capitalisation was $1.9 billion as at March 30, 2021, and $2.4 billion as at April 2, 2020.