This is arguably the most important question of all.
Sembmarine' s board needs to demonstrate some leadership and convince the market that it is an active player in its own destiny, and not a passive vehicle for struggling Temasek-linked O& M assets. It should make it clear that it is working towards delivering long-term returns that will surpass the immediate gains unlocked at Sembcorp and Keppel. For starters, Sembmarine should sketch out its strategy for acquiring O& M assets as the industry consolidates. It should also outline the terms at which deals are likely to get done, and explain how it will ultimately extract value from any O& M assets it takes on.

Sembmarine should also provide a consistent narrative of its underlying competitive advantages, whether it has to do with its technical prowess in certain fields, its intellectual property, or even shifting geopolitical realities.Shareholders of Sembmarine already know they are invested in a company that faces a tough road ahead. But they want to believe Sembmarine will eventually emerge a winner in the low-carbon global economy of the future.

Sembmarine' s board should offer them a vision of that future, and a good understanding of how the company plans to get there.