For FY2019, Sembcorp Marine earned $2.88 billion in revenue with EBITDA of $104 million. Despite the challenging market conditions, we continue to prepare for the global economy’s shift towards a cleaner energy mix, with long-term investment in innovation, technologies and expertise for developing new engineering solutions.
In February this year, we inked a Master Research Collaboration Agreement with A*STAR to jointly pursue innovation in Digital Design and Advanced Manufacturing. The agreement aims to shorten the development cycle and time-to-market of new offshore, marine and clean energy solutions achieved through research.
In addition, our yard capabilities are constantly being strengthened. We recently completed the installation of a pair of cranes that can hoist 30,000 tonnes in a single lift at Tuas Boulevard Yard. This game-changing development will allow us to pursue bigger and more complex projects.
We are pleased to share that Sembcorp Marine has secured two offshore platform contracts worth $550 million that support redevelopment efforts at the Al Shaheen and Tyra fields.
Last, but not least, Sembcorp Marine is once again Asia’s leading cruise ship repairs and upgrades solutions provider, having completed 16 cruise projects in 2019.