Sembcorp Marine: 4Q profit falls 5%

Singapore’s Sembcorp Marine, a company building offshore drilling rigs has reported a drop in its quarterly revenue.

The company’s revenue in the fourth quarter of $1.4 billion was 15% lower when compared with $1.7 billion for the same period in 2013.

Net profit in 4Q 2014 declined 5% year-on-year to $174 million compared with $182 million in 4Q 2013 which saw a write-back of tax mainly attributable to recognition of tax incentives.

As for the outlook for the year, Sembcorp Marine cited the steep decline in oil prices in the second half of 2014, which has forced major oil and gas companies to cut spending and postpone some of their planned projects.

Sembcorp has said that it continues to face tough competition in upcoming tenders for new projects in the offshore exploration and production sectors.

“Demand for the Group’s big docks remains strong as alliance and long-term customers continue to provide a stable and steady base-load which would help cushion the impact of weaker demand in the offshore rig-building segment,” Sembcorp has said.

It added that for the ship repair sector, there is continued demand for repair, upgrading and life extension work, in particular in the niche segments of LNG carriers, passenger/cruise vessels and offshore vessels.

Share this article

Follow Offshore Energy Today

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply