You are here

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.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes