Sembmarine's profits fall 48% in Q3

Singapore shipyard group Sembcorp Marine recorded a 48% decline in third quarter profits, Seatrade Asia online reports. Sembmarine reported a S$116m third quarter profit compared to S$223m in the same period a year earlier, while revenues fell 32% to S$892m for the quarter. The group said lower profits were due mainly to lower revenues and margin recognition.

The group has a net orderbook of S$12.1bn and looking ahead it said it offshore E&P spending remains buoyant and while the shipping market remained challenging there was continued demand for repair and life extension work on LNG carriers. “Overall, enquiries continue to be healthy although competition remains keen and affects margin,” Sembmarine said.