Singapore&rsquo s Seatrium on Monday said it has reached in-principle settlement agreements to pay S$182.4 million (US$135.7 million) related to Brazil' s Operation Car Wash corruption investigations, as it posted a much wider net loss for the second half of 2023 than a year earlier.

Seatrium is hoping the agreements will turn the page for the company and expects they will enable Seatrium to seek future contracts in Brazil.

Seatrium &mdash Singapore&rsquo s leading offshore, marine and energy contractor &mdash was formed from the merger of Sembcorp Marine and Keppel Offshore & Marine, which completed in February 2023.

In connection with the Operation Car Wash scandal, Seatrium has made provisions for the S$182.4 million settlement payment, and S$82.4 million " for indemnity to Keppel Corporation in relation to this matter," it said.

" This latest development provides us with finality on this legal matter, which has been outstanding for some time, with the Brazilian authorities," Seatrium' s chief executive Chris Ong said in a webcast. " It also ensures that we are able to continue to participate in tenders and other bidding projects in Brazil."

Net loss widens despite higher revenue

Seatrium posted a S$1.68 billion (US$1.25 billion) net loss for the second half of 2023 &mdash a much wider loss than its S$118 million loss in the same period of 2022.

Underlying net profit was S$33 million in the second half of 2023, compared with an S$85 million underlying net loss in the year-earlier period &mdash a positive swing that the chief executive called " a reflection of an improved underlying business performance."

Seatrium reported S$4.41 billion in revenue for the second half of 2023, up from S$852 million in the same period of 2022.

Excluding exceptional items, Seatrium' s underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to S$370 million in the second half of 2023 from S$45 million in the year-earlier period.

Exceptional items included write-downs, provisions for contracts, legal and corporate claims, and merger expenses, it said.

The company' s full-year 2023 net loss was S$1.94 billion, far wider than its net loss of S$261 million in 2022.

It posted S$7.29 billion in 2023 revenue, up from S$1.95 billion in 2022.

Proposed consolidation of shares

Seatrium also said on Monday it is proposing a consolidation of shares that would give each shareholder one consolidated share for every 20 existing shares held prior to the proposed consolidation.

The plan is intended " to increase market interest and attractiveness in its listed shares," the company said.

It aims to seek shareholders' approval for the share consolidation at its annual general meeting on 26 April.