Sembcorp Marine Reports Q3 Earnings

Sembcorp Marine has reported net income of (Singapore $) $130 million on revenues of  $1.7 billion for the third quarter, ended Sept. 30, 2013, compared to net income of $116 million on revenues of $892 million during the same period last year. The increase in revenue was attributed to higher contributions from the rig-building and repair sectors

Revenue from the rig-building sector soared $714 million from $428 million in Q3 2012 to $1.1 billion in 3Q 2013. A total of five rigs comprising a well-intervention semi-submersible rig, a harsh-environment semi-submersible rig and three jack-up rigs (two units of Pacific Class 400 rigs and one unit of F&G 3000N jack-up rig) were included in Q3 2013, compared to the corresponding period in 2012 which had only one jack-up rig.

The conversion and offshore sector registered a revenue decline of 10% at $271 million in Q3 2013, compared to $300 million for the same period in 2012. The company said the decline was due to timing and value of projects.

Revenue from the repair sector increased 34% from $153 million in Q3 2012 to $204 million in Q3 2013.

On a nine-month basis, revenue grew 26% or $781 million from $3.0 billion in 2012 to $3.8 billion in 2013.

Net income for the nine-month period was reported to be $373 million this year, compared to $371 million last year.

Looking forward, the orderbook of secured orders is worth a total of $3.9 billion (excluding repairs) since the start of the year, growing the net orderbook from $12.7 billion as at end 2012 to $13.5 billion, with completion and deliveries extending to 2019.

According to Sembcorp Marine, the long-term industry fundamentals for the offshore and marine sector remain sound underpinned by exploration activities with increasing interests in harsh environment and field development programs. Demand for high specification and ultra-deepwater rigs with advanced technical features are expected to remain strong.


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