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Monday, 24 February 2014

Singapore's Sembcorp Marine Q4 net profit rises 9.2%

[SINGAPORE]Singapore's Sembcorp Marine Ltd, one of the largest offshore drilling rig producers in the world, said its net profit in the fourth quarter rose 9.2 per cent as higher operating profit offset lower contributions from associates and joint ventures.

Sembcorp Marine, which is the world's second-largest jackup rig producer after crosstown rival Keppel Corporation Ltd, posted a fourth-quarter net profit of S$182.4 million (US$143.89 million). Its full-year net profit rose 3.2 per cent to S$555.7 million, above a mean forecast of 23 analysts of S$528.50 million.

The company's order book fell to S$12.3 billion from the all-time high of S$13.5 billion a quarter earlier.

Sembcorp Marine is the second-worst performer so far this year on Singapore's benchmark Straits Times Index, losing about 8 per cent after Genting Singapore PLC's 9 per cent drop.

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