Singapore's Sembcorp Marine profit up on rig building
Published on Aug 5, 2014 9:24 AM
SINGAPORE (Reuters) - Drilling rig builder Sembcorp Marine said on Monday its second-quarter net profit rose 5.4 per cent from a year earlier, helped by stronger performance from its rig building and fixed platform businesses.
The Singaporean company reported a net profit for the quarter ended on June 30 of $131.6 million, which brings the first-half net profit to $254 million. The mean full-year net profit forecast stood at $597 million, based on estimates from 24 analysts, Thomson Reuters data showed.
The company reiterated that its wholly-owned new yard in Brazil is due to begin operating in the second half of 2014.
Sembcorp Marine and rival Keppel Corporation have helped Singapore win the status of the world's top jackup drilling rig producer, though rapid ascent of Chinese yards is threatening the dominance of the Singaporean companies.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here