Sembcorp Marine’s 2Q profit boosted by rig building division

Singapore’s Sembcorp Marine has reported its revenue for 2Q 2014 was $1.34 billion, a 19% increase compared with $1.12 billion for the same period in 2013.

Group gross profit of $194 million was 36% higher on year-on-year basis while operating profit was 6% higher at $154 million, mainly due to foreign exchange
differences and lower gain on disposal of property, plant and equipment. Group pre-tax profit was 6% higher at $165 million helped by higher associate and joint
venture contributions.

Net profit in 2Q 2014 grew 5% year-on-year to $132 million compared with $125 million in 2Q 2013, largely due to higher profit contribution from the Group’s rig building and fixed platform segments.

The Group has a net order book of $12.7 billion with completion and deliveries stretching into 2019. This includes a total of $2.5 billion in new rig and offshore conversion contracts secured since the start of 2014, but excludes repair and upgrade contracts.

Sembcorp says that tong term fundamentals driving the offshore exploration and production (E&P) market remain stable. However, it warns that slow down in capital expenditure may impact new orders.

August 04, 2014

 

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