Sete Brasil Participacoes Sa News

Singaporean conglomerate Keppel Corp posted improved results for the fourth quarter, helped by narrower losses in its offshore and marine division, and said it was seeing signs of recovery in the rig industry.The company on Thursday reported a net profit of S$135 million ($99.2 million) for the quarter ended December, compared with a net loss of S$492 million a year earlier, when it accounted for a fine its rig-building unit agreed to pay to resolve bribery charges in Brazil.The latest profit was 6 percent higher than a profit of S$127 million it would have reported a year earlier…

Singaporean conglomerate Keppel Corp on Thursday posted a 15 percent fall in third-quarter net profit, hurt by lower contributions from its investments and property divisions.Keppel, whose businesses range from rig-building to property development, posted a net profit of S$226 million ($164 million) for the quarter ended September, versus S$265 million a year earlier.Total revenue for the quarter stood at S$1.3 billion, a 20 percent fall from a year earlier.Higher revenue recognition from ongoing offshore and marine projects and increased power and gas sales were offset by lower contributions from property trading, asset management, as well as the absence of the sale of investments…

Singapore's Keppel Corp posted a 44 percent rise in its second-quarter profit, citing stronger earnings from its property and infrastructure divisions that offset losses in its other segments, including offshore and marine.Keppel, whose businesses range from rig-building to property development, posted a net profit of S$246 million ($179 million)for the quarter ended June, versus S$171 million a year-ago.Total revenue at the company, in which Singapore state investor Temasek is the biggest shareholder, was S$1.52 billion, slightly lower than the S$1.55 billion posted a year ago.Profit at the company's property division rose 132 percent to S$225 million, helped by en bloc sales in some development projects and a fair value gain.Its offshore and marine (O&M) division, which builds drilling r

Singaporean conglomerate Keppel Corp swung to its first quarterly net loss in 14 years, after accounting for a huge fine its rig-building unit agreed to pay to resolve investigations into charges it bribed Brazilian officials. Keppel, last month, said its offshore rig-building business had agreed to pay more than $422 million to resolve the bribery probe brought against it by authorities in the United States, Brazil and Singapore. Investigations with respect to the individuals involved are ongoing. The company, whose businesses range from rig-building to property development, reported a net loss of S$495 million for the fourth quarter ended December, compared with a net profit of S$143 million in the year-ago period.

Q2 profit S$161 million versus S$205 million year ago; O&M division net order book at S$3.4 billion. Singaporean conglomerate Keppel Corp posted a 21 percent drop in its quarterly profit and warned it did not expect a speedy recovery in the offshore and marine market. The conglomerate and its smaller cross-town rival Sembcorp Marine have been hit by an oversupply of offshore oil drilling rigs, with customers delaying contracts and refraining from placing new orders with oil prices expected to stay lower for longer. "Despite some pick-up in activity in the offshore market, the general consensus is that, with the prevailing uncertainty in the oil market, and oversupply in the jackup market, a quick recovery is unlikely," said CEO Loh Chin Hua.

Investment management firm EIG Management Co added Brazil's engineering conglomerate Odebrecht SA and a few other shipyards in its $221 million fraud suit against Petroleo Brasileiro SA. EIG, in a filing on Wednesday, alleged that Odebrecht SA and other shipyards along with Petrobras misled the firm to invest over $221 million to purchase equity in now-bankrupt Sete Brasil Participacoes SA. The other shipyards mentioned in the filing by EIG and eight of its managed funds include Keppel Corporation Ltd, Sembcorp Marine Ltd and Jurong Shipyard Pte Ltd. "Through a series of misrepresentations and omissions directed at EIG, Petrobras fraudulently…

Keppel Corp., the world’s largest builder of oil rigs, posted a 41 per cent fall in quarterly profit, its fourth straight decline, as offshore and marine segment revenue slumped because of the deferment of some projects and suspension of contracts related to Sete Brasil. The Singapore conglomerate has been hit by the 60 per cent drop in oil prices since mid-2014. Its businesses include property development and infrastructure. Net income dropped to S$211 million ($156 million) from S$360 million a year earlier, Keppel said in a statement Monday. Sales slumped 38% to S$1.7 billion from S$2.8 billion. The higher contribution from its property business at 47% helped to partially offset lower profits from offshore and marine sectors, the company said in the statement.

The strain of low oil prices on the offshore and marine sector was in full display as  the world’s second-largest builder of oil rigs Sembcorp Marine Ltd posted its first quarterly loss in at least 12 years. The company took impairment charges and provisions of S$609 million for projects of its client Sete Brasil Participacoes SA and others. It’s the first quarterly loss since the company started reporting data in 2003, according to Sembcorp Marine’s website. Sete Brasil is a private company set up in 2010 to build, own and lease deepwater rigs to state-run oil producer Petrobras. But Sete ran into financing difficulties in 2014, after it was caught up in a corruption scandal involving Petrobras executives…

Sembcorp Marine secures US$ 4.032 Billion drillship contracts from Sete Brasil. Sembcorp Marine Ltd, through Jurong Offshore Pte Ltd’s wholly-owned subsidiarieshas secured contracts from Sete Brasil Participacǒes S.A. (Sete Brasil), for the design and construction of five drillships based on Jurong Shipyard’s proprietary Jurong Espadon drillship design. In addition to the above, Sembcorp Marine had earlier in the year announced that its wholly-owned Brazilian shipyard Estaleiro Jurong Aracruz Ltda secured a US$792.5 million contract for the design and construction of a drillship with Guarapari Drilling B.V., Netherlands, a subsidiary of Sete Brasil.