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Sembcorp Marine's net profit for 3Q14 up 1.8% to S$132 million

SEMBCORP Marine reported a 1.8 per cent increase in net profit to S$132 million for the third quarter ended Sept 30 on the back of higher profit contribution from its rig-building and fixed-platform segments.

Turnover rose 3.2 per cent to S$1.71 billion from increased contribution from the group's rig-building activities and from offshore platform projects. Earnings per share for the quarter worked out to 6.32 Singapore cents, up from 6.21 cents in the corresponding quarter a year earlier.

The group has a net order book of S$12.6 billion, with completion and deliveries stretching to 2019. This includes S$4.2 billion in new rig and offshore conversion contracts.

It said: "Despite the current low oil price environment, the group believes long term fundamentals driving the offshore exploration and production (E&P) market remain stable. The group continues to receive enquiries for high-specification, harsh-environment jack-up drilling units and next-generation deepwater and ultra-deepwater floaters. However, reduction in capex spending could impact new orders and keen competition continues to exert pressure on margins."

No dividend was announced for the quarter under review.

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