- Seatrium announced it has reached an agreement with Singapore’s Attorney-General’s Chambers (AGC) to pay a financial penalty of US$110m in relation to Brazilian Operation Car Wash on alleged corruption offence in Brazil.
~S$77m settlement with Singapore authorities
- - Read this at SGinvestors.io -
3.8% EPS decline in FY23, no impact on FY24F EPS
- The latest fine will be readjusted to Seatrium’s FY23 financial statements as a material subsequent event. Total loss for FY23 increased from $1.95bn (as set out on 26 Feb 2024) to $2.03bn. Total equity decreased from S$6.492bn to S$6.42bn. As a result, Seatrium's FY23 EPS is restated to S$0.0312 (from S$0.0324). Estimated BVPS at S$0.102 from S$0.104.
ESG controversies removed
- - Read this at SGinvestors.io -
- As Seatrium reached final settlements with authorities in both Brazil and Singapore, it has now closed all past controversies related to pre-merger Sembcorp Marine. In our view, Seatrium is likely to see an uplift in its ESG Controversies Score, which currently stands at B+.
Other FPSOs bidding scene in Brazil
- Read more at SGinvestors.io.
