Singapore-listed Sembcorp Marine saw earnings fall back in the third quarter.
Profit slipped by 9% in the third quarter, falling from $243m in the third quarter of last year to reach $223m, Sembcorp Marine reported.
Operating profit was also down. The 25% drop was attributed to "margin recognition on reduced number of jack-up and semi-submersible rigs", according to the shipbuilder. Nine of the 13 new jack-up rigs secured since the fourth quarter of last year are still in the planning stage, Sembcorp Marine said.
But the completion and delivery of semi-sub Songa Eclipse helped lift revenue, which increased by 17% from $1.1bn in the third quarter of 2010 to $1.3bn in 2011.
Published : November 4, 2011
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