Sembcorp Marine has reported net income of (Singapore) $500 million on revenues of $4.4 billion for 2012, compared to $700 million on revenues of $4.0 billion for 2011.

The higher revenue was driven by more offshore platform projects and rig building projects, according to a company statement.

The ship repair sector generated revenues of $642 million for the year, compared to $644 million the previous year.

Sembcorp said that although the global economic environment is fragile, the long-term industry fundamentals for the offshore and gas sector remain sound and that there is continued demand for ship repair and life-extension work, in particular for niche segments, such as LNG carriers, offshore vessels and passenger/cruise ships.