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SembMarine's net earnings nearly halves to $116 million

Published on Nov 5, 2012 6:54 PM
 
An oil rig at SembCorp Marine PPL shipyard, off the coast near Pandan Industrial Estate. RIG builder Sembcorp Marine has reported a 48 per cent decline in third quarter net profit to $115.5 million, mainly due to mainly to lower revenue and margin recognition. --ST PHOTO: ALPHONSUS CHERN

RIG builder Sembcorp Marine has reported a 48 per cent decline in third quarter net profit to $115.5 million, mainly due to mainly to lower revenue and margin recognition.

Revenue for the three months to Sept 30 fell by 32 per cent to $892.4 million.

Turnover for rig building fell by 52 per cent to $428.4 million.

In the same period last year, there was resumption of revenue recognition upon completion and delivery of the Songa Eclipse semi-submersible rig. This boosted the prior year's earnings.

 
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