Sembmarine shares surge 16% in heavy trading to hit 7-month high

Sembcorp Marine was also the most actively traded counter by volume at 11.56am, with 317 million shares changing hands.
Sembcorp Marine was also the most actively traded counter by volume at 11.56am, with 317 million shares changing hands.PHOTO: SEMBCORP MARINE

SINGAPORE (THE BUSINESS TIMES) - Shares of mainboard-listed Sembcorp Marine (Sembmarine) hit a seven-month high amid heavy trading on Monday (April 5).

The counter hit an intraday high of 21.8 cents, before closing up three cents or 16.2 per cent at 21.5 cents. The last time Sembmarine shares closed above this level was Aug 26, 2020, when it ended at 22.5 cents. 

The offshore and marine company was also the most actively traded counter by volume, with 499.8 million shares changing hands.

Sembmarine last announced sealing a £600 million (S$1.12 billion) UK wind farm contract together with GE Renewable Energy's Grid Solutions in March this year.

Sembmarine's scope of work in the project includes design, construction, installation and commissioning of the offshore converter platform on the UK-based Sofia Offshore Wind Farm.

The construction of the platform will begin this year and is slated for delivery and installation at the wind farm site in 2023.

• With additional information from The Straits Times