Singapore’s Sembcorp Marine has spent more of the proceeds of its S$1.5billion (US$1.1 billion) renounceable underwritten rights issue undertaken earlier this year.

The offshore and marine contractor has used a further S$100 million for working capital, comprising S$26 million for materials and equipment, S$40 million on sub-contractors’ labour costs and S$34 million on its employees’ payroll and related expenses.

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“Following the above utilisation, the balance of the net proceeds is approximately S$970 million,” Sembmarine said on Monday.

The company added it would continue to “make periodic announcements on the use of the remaining net proceeds as and when they are materially disbursed”.