SINGAPORE – Sembcorp Marine has announced a $1.5 billion renounceable rights issue. This is to strengthen its balance sheet after the company was badly bruised by a recession in the offshore and marine industry since 2015.

Although it raised $2.1 billion in a rights issue last year, $1.5 billion of that was used to pay off a loan from Sembcorp Industries, its then parent. Another $300 million was used for working capital.

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