Sembcorp Marine Reports $553 Million Net Income for 2013

Sembcorp Marine has reported net income of $553 million on revenues of $5.5 billion for 2013, compared to net income of $500 million on revenues of $4.4 billion for 2012.

The increase in revenue was attributed to more rig building projects (drill ships and rigs). The ship conversion and offshore sector, however, saw a decline in revenue due to the timing of projects and also a smaller number of projects. The ship repair sector saw a revenue increase year-over-year.

Cruise ship projects in 2013 included clients Princess, SeaDream, Star, Royal Caribbean, Azamara, Costa and Silversea.

For 2013, rig building represented an estimated 65.5 percent of Sembcorp’s revenues; the conversions and offshore sector, 22 percent; and repairs, 12.5 percent.

The group has a net order book of $12.3 billion with completion and deliveries stretching into 2019. This includes $4.2 billion in orders entered into in 2013 excluding repair and upgrade contracts.

Twelve cruise ships drydocked at the company’s Sembawang shipyard in 2013, including the Superstar Libra, the Legend of the Seas, the Azamara Journey and Henna.

Sembcorp Marine’s Singapore hub is comprised of the Jurong Shipyard, Sembawang Shipyard, SMOE, PPL Shipyard and Jurong SML, supported by PT Karimun Sembawang Shipyard and PT SMOE in Indonesia.

Sembcorp Marine also has a global network of yards strategically located near major shipping lanes in the international hubs of Singapore, China, India, Brazil and the U,S.

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