Singapore’s Sembcorp Marine has not received payment from Sete Brasil on drillship projects this year and may slow down the projects if the situation persists, a company executive said on Wednesday.

“Basically what has been ongoing, based on the delay, I think there may be some slow down,” Tan Cheng Tat, Chief Financial Officer, said at an earnings briefing.

Tan confirmed that despite the non-payment, the drillship projects for Sete Brasil remained cash flow positive.

The orders for seven drillships from Sete Brasil account for about half of the company’s net order book.

Source: gcaptain.com

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