SINGAPORE: Despite recording a net loss of S$1.9 billion for fiscal year 2023, Seatrium, a Singapore-based offshore and marine engineering company, has defended its decision to appoint four additional directors, which increased its overall director fees from S$2.35 million to S$2.9 million.
In defence of the board appointments, Seatrium highlighted the diversity of its ten directors, who boast a range of nationalities and industry expertise.This bodes well for the company as it seeks to maintain its existing international clients and pursue new markets globally. Seatrium sought to appease shareholders by emphasising that the directors’ base fees remained ‘largely unchanged’, mirroring those paid by Sembcorp Marine, even though Seatrium managed a significantly larger and more complex business.Earlier in February, Seatrium had reached in-principle settlement agreements with Brazilian authorities to settle corruption charges inherited from Sembcorp Marine.The company agreed to pay approximately S$182.
However, Seatrium, the product of the 2023 merger between Sembcorp Marine and Keppel Offshore & Marine, is determined to come out stronger from its past.
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