Singapore-based marine and offshore engineering group Sembcorp Marine recorded a 13% decline in full year net profit due partly to lower contributions from rig building projects, Seatrade Asia online reports. Sembcorp Marine announced 2011 net profit at S$752m ($600m) comparerd to S$860m in 2010. Revenue also dropped 13% to S$3.96bn from S$4.56bn a year ago.
The company has a net orderbook of S$6.3bn with completion and deliveries stretching until the second quarter of 2015. This includes S$3.72bn in contract orders secured in 2011 and S$1.3bn worth of contracts secured since the start of 2012, excluding ship repair contracts.
“Despite the global macroeconomic uncertainty, fundamentals for the offshore oil and gas industry remain intact underpinned by healthy oil prices and projected increases in exploration and production spending,” Sembcorp Marine said in a statement.
“The offshore market continues to display signs of cyclical improvement, especially in the deep and ultra-deepwater segments fuelled by the growing needs of operators in multiple regions, in particular the 'Golden Triangle' of Brazil, the Gulf of Mexicoa and West Africa,” it added.
The company has a net orderbook of S$6.3bn with completion and deliveries stretching until the second quarter of 2015. This includes S$3.72bn in contract orders secured in 2011 and S$1.3bn worth of contracts secured since the start of 2012, excluding ship repair contracts.
“Despite the global macroeconomic uncertainty, fundamentals for the offshore oil and gas industry remain intact underpinned by healthy oil prices and projected increases in exploration and production spending,” Sembcorp Marine said in a statement.
“The offshore market continues to display signs of cyclical improvement, especially in the deep and ultra-deepwater segments fuelled by the growing needs of operators in multiple regions, in particular the 'Golden Triangle' of Brazil, the Gulf of Mexicoa and West Africa,” it added.