Lower rig margins drag down profits at Sembcorp Marine
FOURTH quarter earnings at Sembcorp Marine fell 27 per cent to $167.1 million owing to lower margins from new design rigs.
This was despite a 38.1 per cent jump in revenue to $1.38 billion, which had been thanks to higher revenue recognition for rig building and offshore platform projects.
Earnings per share for the quarter were eight cents, down from 10.99 cents a year ago.
Net asset value per share was $1.17 at Dec 31, up from $1.16 a year earlier.