Singapore's Sembcorp Marine 3Q Net Profit Rises 12.3%

Reuters

SINGAPORE, Nov 5 (Reuters) – Singapore's Sembcorp Marine Ltd said on Tuesday its net profit for the third quarter of the year grew 12.3 percent to S$130 million due in part to foreign exchange gain.

Sembcorp Marine and its crosstown rival Keppel Corporation Ltd are the world's largest offshore drilling rig builders, but both have come under pressure in recent years from yards in China and South Korea.

Sembcorp Marine, in a statement, said its order book stood at S$13.5 billion at the end of the July-September quarter, up from S$12.7 billion at the close of the previous quarter.

Demand for high specification and ultra-deepwater rigs with advanced technical features is likely to remain high, and long-term industry fundamentals are supported by exploration activity in harsh environments and by field development programmes, the company said.

(Reporting by Rujun Shen; Editing by Christopher Cushing)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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