Sembcorp Marine has slashed the red ink in the first half of 2022 as it prepares for its merger with Keppel Corp’s offshore and marine division.

The Singapore-listed yard group said it lost SGD 143m ($104m) for the January to June period against a loss of SGD 647m 12 months ago.

“The first-half loss was due to lower than breakeven activity volume, as existing orders are completed and new orders secured would only start contributing to revenue in subsequent periods,” Sembcorp Marine said.