Sembcorp Marine Q4 Net Profit Up 9.2%

Marinelink.com
Monday, February 24, 2014

(Reuters) 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 percent 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 ($143.89 million). Its full-year net profit rose 3.2 percent 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 percent after Genting Singapore PLC's 9 percent drop.


The company has received five analyst downgrades over the last 90 days, the most downgrades any Singaporean company has received during the period.


Singapore's state investor Temasek Holdings (Private) Ltd holds a 61 percent stake in Sembcorp Marine.
($1 = 1.2676 Singapore dollars)

(Reporting by Rujun Shen; Additional reporting by Tripti Kalro in Bangalore; Editing by Matt Driskill)

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