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Centurion Corp
GuavaXF30
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10-May-2012 14:55     
 
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 Alert Admin 		Sorry, perhaps I used wrong term. If long is trading buy than I bought too. Thought they were the same.

rotijai      ( Date: 10-May-2012 12:04) Posted:



i don wanna encourage ppl to long or short..

depends on how u look at it..

i didnt long.. i bought.. LOL

anyway i think the sell down might continue.. not looking good for longs

sure i am not tat worry..

GuavaXF30      ( Date: 10-May-2012 11:57) Posted:



Opps, sorry did not see Rotijai's earlier posting. Looks like you longed too.

Let's not worry then and shut comp down and go play golf.... Look at it again next week
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Sgshares
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10-May-2012 13:42     
 
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 Alert Admin 		can look for long / short cover ard $4.50
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rotijai
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10-May-2012 12:04     
 
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i don wanna encourage ppl to long or short..

depends on how u look at it..

i didnt long.. i bought.. LOL

anyway i think the sell down might continue.. not looking good for longs

sure i am not tat worry..

GuavaXF30      ( Date: 10-May-2012 11:57) Posted:



Opps, sorry did not see Rotijai's earlier posting. Looks like you longed too.

Let's not worry then and shut comp down and go play golf.... Look at it again next week.

GuavaXF30      ( Date: 10-May-2012 11:45) Posted:



Sure there is no such thing as 100%. Obviously you have shorted this and I have longed.

But for me, everything is about how  I feel is correct valuation. I bought with my own cash. I don't have to rely on market sentiments.

For short-traders, time is obviously extremely important. For all I know, you may very well be a winner here. But I am prepared to hold. With blue chips, you can't go round with this strategy.

Gd luck.   
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GuavaXF30
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10-May-2012 11:57     
 
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Opps, sorry did not see Rotijai's earlier posting. Looks like you longed too.

Let's not worry then and shut comp down and go play golf.... Look at it again next week.

GuavaXF30      ( Date: 10-May-2012 11:45) Posted:



Sure there is no such thing as 100%. Obviously you have shorted this and I have longed.

But for me, everything is about how  I feel is correct valuation. I bought with my own cash. I don't have to rely on market sentiments.

For short-traders, time is obviously extremely important. For all I know, you may very well be a winner here. But I am prepared to hold. With blue chips, you can't go round with this strategy.

Gd luck.   

rotijai      ( Date: 10-May-2012 11:03) Posted:



not out of the woods yet.. there's no need to say right or wrong :
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GuavaXF30
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10-May-2012 11:45     
 
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Sure there is no such thing as 100%. Obviously you have shorted this and I have longed.

But for me, everything is about how  I feel is correct valuation. I bought with my own cash. I don't have to rely on market sentiments.

For short-traders, time is obviously extremely important. For all I know, you may very well be a winner here. But I am prepared to hold. With blue chips, you can't go round with this strategy.

Gd luck.   

rotijai      ( Date: 10-May-2012 11:03) Posted:



not out of the woods yet.. there's no need to say right or wrong :)

GuavaXF30      ( Date: 10-May-2012 11:01) Posted:



Congrats to those who bought in this morning. Good sense is now prevailing.

Thanks Ozone for helping to point the fundamentals of Semb Marine out.

I was not wrong early yesterday when I said it may fall further, but I was  also not wrong to say that 4.8 was okay value. It's all about timing.

But admittedly, could have seen better profit if I had waited for the selling this morning to take place before committing. Hey, can't win all the time, right


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rotijai
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10-May-2012 11:41     
 
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 Alert Admin 		if bottom not bottom enough just keep in fridge.. luckily my fridge is empty recently.. got space for it :D

ozone2002      ( Date: 10-May-2012 11:38) Posted:



can't get at the lowest or bottom..

but u know u are getting it near bottom that's good enough..

don't have to be so kiasu la.. :)

no problem..sometimes market players get caught up by the excitement or fear that

they throw out fundamentals altogether..

i'm just here to keep everyone cool headed so they can think clearly :)

gd luck dyodd.. :)
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ozone2002
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10-May-2012 11:38     
 
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can't get at the lowest or bottom..

but u know u are getting it near bottom that's good enough..

don't have to be so kiasu la.. :)

no problem..sometimes market players get caught up by the excitement or fear that

they throw out fundamentals altogether..

i'm just here to keep everyone cool headed so they can think clearly :)

gd luck dyodd.. :)
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rotijai
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10-May-2012 11:03     
 
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not out of the woods yet.. there's no need to say right or wrong :)

GuavaXF30      ( Date: 10-May-2012 11:01) Posted:



Congrats to those who bought in this morning. Good sense is now prevailing.

Thanks Ozone for helping to point the fundamentals of Semb Marine out.

I was not wrong early yesterday when I said it may fall further, but I was  also not wrong to say that 4.8 was okay value. It's all about timing.

But admittedly, could have seen better profit if I had waited for the selling this morning to take place before committing. Hey, can't win all the time, right ?

ozone2002      ( Date: 10-May-2012 10:32) Posted:

Sembcorp Marine

Still on Track

Lower due to timing issues.

profit dipped by 26% YoY and 37% QoQ to SGD113.1m, coming in

lower than our expectations. However, the variance was mainly due to

timing of revenue recognition and lower initial margins from new design

jack-up rigs, which does not represent underperformance. We are

keeping our full-year forecasts largely intact and expect stronger

quarters ahead. Maintain BUY and target price of SGD6.20.Sembcorp Marine’s (SMM) 1Q12 net

Normalising margins.

this quarter. Other than the normalisation of margins as high-value

contracts are depleted, the other factor was the initial lower margins for

new design rigs. As the year progresses, Management expects margins

to improve with revenue recognition from more rig units. SMM believes

that overall operating margins should come in at about 15% for the

year, which is consistent with our forecast.Operating margins fell by 3.2ppts YoY to 12.8%

Strong orderbook.

stretching up till 2Q15. SMM has secured about SGD3.0b of new

contacts YTD and we are forecasting a total of SGD11.5b in new

contract wins for FY12. SMM is still in negotiations with regard to the

terms of Petrobras-related contracts which we estimate to be worth

SGD5.0b. Nevertheless, we believe it is a matter of time before SMM

secures the contracts.Net orderbook stood at SGD7.4b with deliveries

Optimistic outlook ahead.

outlook and order guidance. Sturdy market fundamentals in the offshore

sector have kept enquiry pipelines at a healthy level and potential

orders are expected to come from across all sectors. This has

reinforced our confidence in our order win assumptions. There also

appears to be no problems with banks extending financing to SMM’s

customers.We sense strong optimism in SMM’s

Remain positive, order wins to drive share price.

positive on SMM and expect order win momentum to be the key

catalyst to drive share price higher. Our target price is maintained at

SGD6.20 based on our SOTP-based valuation. Maintain BUY.We remain

Sembcorp Marine – Summary Earnings Table

FYE Dec (SGD m) 2010 2011 2012F 2013F 2014F

Revenue 4,554.9 3,960.2 4,730.7 5,406.5 7,483.5

EBITDA 1,025.8 823.4 841.2 957.7 1,233.0

Recurring Net Profit 860.3 751.9 693.6 758.3 971.8

Recurring Basic EPS (SGD cts) 41.8 36.6 33.7 36.9 47.3

EPS Growth (%) 22.9 (12.6) (7.7) 9.3 28.2

DPS (SGD cts) 36.0 25.0 23.0 23.0 23.0

PER (x) 11.4 13.1 14.2 13.0 10.1

EV/EBITDA (x) 8.5 10.9 10.9 9.9 7.6

Div Yield (%) 7.5 5.2 4.8 4.8 4.8

P/BV(x) 3.8 4.1 3.8 3.4 2.9

Net debt/(cash) (SGD m) (2,907) (1,955) (1,610) (1,384) (2,414)

ROE (%) 38.4 30.0 27.7 27.7 31.0

ROA (%) 17.3 14.6 12.9 12.6 13.3

Consensus Net Profit (SGD m) 686.2 751.0 811.8

Source: Company, Maybank KE estimates
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GuavaXF30
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10-May-2012 11:01     
 
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Congrats to those who bought in this morning. Good sense is now prevailing.

Thanks Ozone for helping to point the fundamentals of Semb Marine out.

I was not wrong early yesterday when I said it may fall further, but I was  also not wrong to say that 4.8 was okay value. It's all about timing.

But admittedly, could have seen better profit if I had waited for the selling this morning to take place before committing. Hey, can't win all the time, right ?

ozone2002      ( Date: 10-May-2012 10:32) Posted:

Sembcorp Marine

Still on Track

Lower due to timing issues.

profit dipped by 26% YoY and 37% QoQ to SGD113.1m, coming in

lower than our expectations. However, the variance was mainly due to

timing of revenue recognition and lower initial margins from new design

jack-up rigs, which does not represent underperformance. We are

keeping our full-year forecasts largely intact and expect stronger

quarters ahead. Maintain BUY and target price of SGD6.20.Sembcorp Marine’s (SMM) 1Q12 net

Normalising margins.

this quarter. Other than the normalisation of margins as high-value

contracts are depleted, the other factor was the initial lower margins for

new design rigs. As the year progresses, Management expects margins

to improve with revenue recognition from more rig units. SMM believes

that overall operating margins should come in at about 15% for the

year, which is consistent with our forecast.Operating margins fell by 3.2ppts YoY to 12.8%

Strong orderbook.

stretching up till 2Q15. SMM has secured about SGD3.0b of new

contacts YTD and we are forecasting a total of SGD11.5b in new

contract wins for FY12. SMM is still in negotiations with regard to the

terms of Petrobras-related contracts which we estimate to be worth

SGD5.0b. Nevertheless, we believe it is a matter of time before SMM

secures the contracts.Net orderbook stood at SGD7.4b with deliveries

Optimistic outlook ahead.

outlook and order guidance. Sturdy market fundamentals in the offshore

sector have kept enquiry pipelines at a healthy level and potential

orders are expected to come from across all sectors. This has

reinforced our confidence in our order win assumptions. There also

appears to be no problems with banks extending financing to SMM’s

customers.We sense strong optimism in SMM’s

Remain positive, order wins to drive share price.

positive on SMM and expect order win momentum to be the key

catalyst to drive share price higher. Our target price is maintained at

SGD6.20 based on our SOTP-based valuation. Maintain BUY.We remain

Sembcorp Marine – Summary Earnings Table

FYE Dec (SGD m) 2010 2011 2012F 2013F 2014F

Revenue 4,554.9 3,960.2 4,730.7 5,406.5 7,483.5

EBITDA 1,025.8 823.4 841.2 957.7 1,233.0

Recurring Net Profit 860.3 751.9 693.6 758.3 971.8

Recurring Basic EPS (SGD cts) 41.8 36.6 33.7 36.9 47.3

EPS Growth (%) 22.9 (12.6) (7.7) 9.3 28.2

DPS (SGD cts) 36.0 25.0 23.0 23.0 23.0

PER (x) 11.4 13.1 14.2 13.0 10.1

EV/EBITDA (x) 8.5 10.9 10.9 9.9 7.6

Div Yield (%) 7.5 5.2 4.8 4.8 4.8

P/BV(x) 3.8 4.1 3.8 3.4 2.9

Net debt/(cash) (SGD m) (2,907) (1,955) (1,610) (1,384) (2,414)

ROE (%) 38.4 30.0 27.7 27.7 31.0

ROA (%) 17.3 14.6 12.9 12.6 13.3

Consensus Net Profit (SGD m) 686.2 751.0 811.8

Source: Company, Maybank KE estimates
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rotijai
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10-May-2012 10:37     
 
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master ozone.. i dont think it's necessary to post this...

$6? may be.. if sti hits 3200-3300 again

ozone2002      ( Date: 10-May-2012 10:32) Posted:

Sembcorp Marine

Still on Track

Lower due to timing issues.

profit dipped by 26% YoY and 37% QoQ to SGD113.1m, coming in

lower than our expectations. However, the variance was mainly due to

timing of revenue recognition and lower initial margins from new design

jack-up rigs, which does not represent underperformance. We are

keeping our full-year forecasts largely intact and expect stronger

quarters ahead. Maintain BUY and target price of SGD6.20.Sembcorp Marine’s (SMM) 1Q12 net

Normalising margins.

this quarter. Other than the normalisation of margins as high-value

contracts are depleted, the other factor was the initial lower margins for

new design rigs. As the year progresses, Management expects margins

to improve with revenue recognition from more rig units. SMM believes

that overall operating margins should come in at about 15% for the

year, which is consistent with our forecast.Operating margins fell by 3.2ppts YoY to 12.8%

Strong orderbook.

stretching up till 2Q15. SMM has secured about SGD3.0b of new

contacts YTD and we are forecasting a total of SGD11.5b in new

contract wins for FY12. SMM is still in negotiations with regard to the

terms of Petrobras-related contracts which we estimate to be worth

SGD5.0b. Nevertheless, we believe it is a matter of time before SMM

secures the contracts.Net orderbook stood at SGD7.4b with deliveries

Optimistic outlook ahead.

outlook and order guidance. Sturdy market fundamentals in the offshore

sector have kept enquiry pipelines at a healthy level and potential

orders are expected to come from across all sectors. This has

reinforced our confidence in our order win assumptions. There also

appears to be no problems with banks extending financing to SMM’s

customers.We sense strong optimism in SMM’s

Remain positive, order wins to drive share price.

positive on SMM and expect order win momentum to be the key

catalyst to drive share price higher. Our target price is maintained at

SGD6.20 based on our SOTP-based valuation. Maintain BUY.We remain

Sembcorp Marine – Summary Earnings Table

FYE Dec (SGD m) 2010 2011 2012F 2013F 2014F

Revenue 4,554.9 3,960.2 4,730.7 5,406.5 7,483.5

EBITDA 1,025.8 823.4 841.2 957.7 1,233.0

Recurring Net Profit 860.3 751.9 693.6 758.3 971.8

Recurring Basic EPS (SGD cts) 41.8 36.6 33.7 36.9 47.3

EPS Growth (%) 22.9 (12.6) (7.7) 9.3 28.2

DPS (SGD cts) 36.0 25.0 23.0 23.0 23.0

PER (x) 11.4 13.1 14.2 13.0 10.1

EV/EBITDA (x) 8.5 10.9 10.9 9.9 7.6

Div Yield (%) 7.5 5.2 4.8 4.8 4.8

P/BV(x) 3.8 4.1 3.8 3.4 2.9

Net debt/(cash) (SGD m) (2,907) (1,955) (1,610) (1,384) (2,414)

ROE (%) 38.4 30.0 27.7 27.7 31.0

ROA (%) 17.3 14.6 12.9 12.6 13.3

Consensus Net Profit (SGD m) 686.2 751.0 811.8

Source: Company, Maybank KE estimates
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ozone2002
Supreme
10-May-2012 10:32     
 
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Sembcorp Marine

Still on Track

Lower due to timing issues.

profit dipped by 26% YoY and 37% QoQ to SGD113.1m, coming in

lower than our expectations. However, the variance was mainly due to

timing of revenue recognition and lower initial margins from new design

jack-up rigs, which does not represent underperformance. We are

keeping our full-year forecasts largely intact and expect stronger

quarters ahead. Maintain BUY and target price of SGD6.20.Sembcorp Marine’s (SMM) 1Q12 net

Normalising margins.

this quarter. Other than the normalisation of margins as high-value

contracts are depleted, the other factor was the initial lower margins for

new design rigs. As the year progresses, Management expects margins

to improve with revenue recognition from more rig units. SMM believes

that overall operating margins should come in at about 15% for the

year, which is consistent with our forecast.Operating margins fell by 3.2ppts YoY to 12.8%

Strong orderbook.

stretching up till 2Q15. SMM has secured about SGD3.0b of new

contacts YTD and we are forecasting a total of SGD11.5b in new

contract wins for FY12. SMM is still in negotiations with regard to the

terms of Petrobras-related contracts which we estimate to be worth

SGD5.0b. Nevertheless, we believe it is a matter of time before SMM

secures the contracts.Net orderbook stood at SGD7.4b with deliveries

Optimistic outlook ahead.

outlook and order guidance. Sturdy market fundamentals in the offshore

sector have kept enquiry pipelines at a healthy level and potential

orders are expected to come from across all sectors. This has

reinforced our confidence in our order win assumptions. There also

appears to be no problems with banks extending financing to SMM’s

customers.We sense strong optimism in SMM’s

Remain positive, order wins to drive share price.

positive on SMM and expect order win momentum to be the key

catalyst to drive share price higher. Our target price is maintained at

SGD6.20 based on our SOTP-based valuation. Maintain BUY.We remain

Sembcorp Marine – Summary Earnings Table

FYE Dec (SGD m) 2010 2011 2012F 2013F 2014F

Revenue 4,554.9 3,960.2 4,730.7 5,406.5 7,483.5

EBITDA 1,025.8 823.4 841.2 957.7 1,233.0

Recurring Net Profit 860.3 751.9 693.6 758.3 971.8

Recurring Basic EPS (SGD cts) 41.8 36.6 33.7 36.9 47.3

EPS Growth (%) 22.9 (12.6) (7.7) 9.3 28.2

DPS (SGD cts) 36.0 25.0 23.0 23.0 23.0

PER (x) 11.4 13.1 14.2 13.0 10.1

EV/EBITDA (x) 8.5 10.9 10.9 9.9 7.6

Div Yield (%) 7.5 5.2 4.8 4.8 4.8

P/BV(x) 3.8 4.1 3.8 3.4 2.9

Net debt/(cash) (SGD m) (2,907) (1,955) (1,610) (1,384) (2,414)

ROE (%) 38.4 30.0 27.7 27.7 31.0

ROA (%) 17.3 14.6 12.9 12.6 13.3

Consensus Net Profit (SGD m) 686.2 751.0 811.8

Source: Company, Maybank KE estimates

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rotijai
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10-May-2012 10:02     
 
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personally i think > 5 is expensive

4-5 is a " anything can happen range"

< 4 is a good investment for long term

i just bought recently

yiming2000      ( Date: 10-May-2012 00:05) Posted:



You committed suicide here? I bought 10 lots at 5.27 and to get $2000 dividend and quickly dumped it at 5.08. Lost a lttle bit.

What price  did you come in when your hand got itchy? How many lots? Sembcorp Marine not a bad as Biosensors where I committed suicide.  No BB can manipulate price down with Temasek around.  So don't worry too much. Looks like I have to keep my Biosensors in the freezer. 

rotijai      ( Date: 09-May-2012 16:00) Posted:



hand a bit itchy.. decided to take a calculated risk bet..

if wrong, just keep in fridge for months..

*dont follow me, prepared to have my $ stuck in this yard :x
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GuavaXF30
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10-May-2012 09:46     
 
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Still a strong buy. See below latest recommendation. One of many with same views.

 

　



Expecting better in subsequent quarters


1Q12 net profit of S$113m was 18% of our FY12 estimate. Sembcorp Marine (SMM)’s 1Q12 net profit declined 25% YoY to S$113m. While revenue rose 14% YoY to S$942m, operating margin fell to 12.8% (1Q11: 20%) as most of the rig projects recognised in 1Q12 were projects secured during the bottom of the cycle in 4Q10 where prices were more competitive. Earnings recognition can be lumpy and we expect to see better performance in the subsequent quarters when the higher priced orders are executed. We adjust TP lower to S$5.80 (old: S$6.00) to reflect the 20S˘ dividend to be paid (ex-date 25 Apr 12). Maintain BUY.


ozone2002      ( Date: 10-May-2012 09:13) Posted:



went as low as 4.53

managed to scoop up some..to average down..

buying up to 10 lots..i don't buy at one shot.. so in a way i average down..

very good value with the fat order books it has..

gd luck dyodd

ozone2002      ( Date: 09-May-2012 13:35) Posted:



well if sembmar drops further it's an opportunity to buy more at a cheaper price..

fundamentals of the company is intact..they don't change within a day..

only it's price of the stock reflects the sentiment of the market..

and it's up to u to capitalize on the emotions of the market players...

gd luck dyodd.. :)
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ozone2002
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10-May-2012 09:13     
 
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went as low as 4.53

managed to scoop up some..to average down..

buying up to 10 lots..i don't buy at one shot.. so in a way i average down..

very good value with the fat order books it has..

gd luck dyodd

ozone2002      ( Date: 09-May-2012 13:35) Posted:



well if sembmar drops further it's an opportunity to buy more at a cheaper price..

fundamentals of the company is intact..they don't change within a day..

only it's price of the stock reflects the sentiment of the market..

and it's up to u to capitalize on the emotions of the market players...

gd luck dyodd.. :)
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sgnewbie
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10-May-2012 09:06     
 
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 Alert Admin 		http://sgxreports.blogspot.com/2012/05/sembcorp-marine_09.html
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GuavaXF30
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10-May-2012 08:46     
 
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No worries here. I admit, could have bought at lower price but still, even at 5.00, this is a good value counter.

Look, they made less profit compared to last YTD. But it's still 111 mil profit. And the only reason for this was that there were more deliveries of lower-profit jack-up rigs than semi-sub rigs. This year, going forward, they have 639 m worth of Jack-up rigs to deliver but have also got 1.75 b worth of semi-sub rigs. Which means, by end of the year, the profit ratio will be heavily revised upwards. And don't forget, there is still Petrobas deal that may happen. And that's mega.

Just keep in fridge and do not sell even after dividend paid. I suspect we may see some special div payments as their cash situation is very healthy.

" The market for premium jack-up rigs continues to be active with oil companies

remaining focused on safety and efficiency gains offered by newer and higher

specification units. The Group has since January 2012 secured three units of

high specification jack-up rigs with a total value of US$639.5 million.

With offshore drilling moving towards deeper waters and harsher environment,

we continue to see strong enquiries for semi-submersibles, drillships and

harsh-environment units. Sembcorp Marine with its proven track record and

expertise is well-positioned to leverage on the opportunities in this sector. It

has since January 2012 secured contracts worth a total of US$1.75 billion,

comprising a harsh-environment deepwater semi-submersible rig, a wellintervention

semi-submersible rig and a drillship."

yiming2000      ( Date: 10-May-2012 00:05) Posted:



You committed suicide here? I bought 10 lots at 5.27 and to get $2000 dividend and quickly dumped it at 5.08. Lost a lttle bit.

What price  did you come in when your hand got itchy? How many lots? Sembcorp Marine not a bad as Biosensors where I committed suicide.  No BB can manipulate price down with Temasek around.  So don't worry too much. Looks like I have to keep my Biosensors in the freezer. 

rotijai      ( Date: 09-May-2012 16:00) Posted:



hand a bit itchy.. decided to take a calculated risk bet..

if wrong, just keep in fridge for months..

*dont follow me, prepared to have my $ stuck in this yard :x
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yiming2000
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10-May-2012 00:05     
 
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You committed suicide here? I bought 10 lots at 5.27 and to get $2000 dividend and quickly dumped it at 5.08. Lost a lttle bit.

What price  did you come in when your hand got itchy? How many lots? Sembcorp Marine not a bad as Biosensors where I committed suicide.  No BB can manipulate price down with Temasek around.  So don't worry too much. Looks like I have to keep my Biosensors in the freezer. 

rotijai      ( Date: 09-May-2012 16:00) Posted:



hand a bit itchy.. decided to take a calculated risk bet..

if wrong, just keep in fridge for months..

*dont follow me, prepared to have my $ stuck in this yard :x
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Jackpot2010
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09-May-2012 20:46     
 
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$4 support may be tested soon........

Sembmarine takes a profits hit



Singapore-based offshore fabrication group Sembcorp Marine saw its profit take a tumble in the first quarter but said rig ordering activity remains strong, driven by high oil prices.

The group’s net profit of $113 million was down 25% on the $151 million earned in the same period a year earlier, mainly due to the timing and value of contracts, and a lower initial margin on new design jack-ups relative to work on semi-submersibles with repeat designs, Sembcorp said in a results statement.

However, revenue was up 14% year on year at $943 million, mainly from rig-building, ship conversion and other offshore work.

The group has secured $3 billion in newbuild contracts so far this year, including orders for three high-specification jack-ups worth a total of $639.5 million and three deep-water units with a combined value of $1.75 billion. It currently has a net orderbook of $7.4 billion.

“Despite the mixed global macro-economic outlook, the fundamentals driving the offshore and marine activities remain strong, driven by sustained high oil prices, increased exploration and production spending budgets of oil companies and significant exploration successes in oil and gas finds in recent months in offshore Brazil, East Africa, Gulf of Mexico and the North Sea,” the statement read. 

However, it added that “competition remains keen for all segments of our business”

Source: Upstreamonline.com 

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rotijai
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09-May-2012 18:34     
 
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tat's a mixed news... profit drop but revenue up.. wat a retarded com..

well.. too bad, boarded at the wrong time

let's see wat dj can give us tonight )

ozone2002      ( Date: 09-May-2012 18:03) Posted:

Published May 09, 2012
Sembcorp Marine Q1 profit down 25%
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SINGAPORE - Sembcorp Marine Ltd, the world's second-largest rig builder, reported a 25 per cent drop in first quarter net profit on Wednesday, partly due to lower margins on the rigs it delivered compared to a year ago.

The company, which competes with the world's largest rig builder Keppel Corp, had net profit of S$113 million (US$90.45 million) for the three months ended March 2012, down from S$151 million a year earlier.

" With offshore drilling moving towards deeper waters and harsher environments, we continue to see strong enquiries for semi-submersibles, drillships and harsh-environment units," the company said in a statement. -- REUTERS

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ozone2002
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Published May 09, 2012
Sembcorp Marine Q1 profit down 25%
print  |email this article


SINGAPORE - Sembcorp Marine Ltd, the world's second-largest rig builder, reported a 25 per cent drop in first quarter net profit on Wednesday, partly due to lower margins on the rigs it delivered compared to a year ago.

The company, which competes with the world's largest rig builder Keppel Corp, had net profit of S$113 million (US$90.45 million) for the three months ended March 2012, down from S$151 million a year earlier.

" With offshore drilling moving towards deeper waters and harsher environments, we continue to see strong enquiries for semi-submersibles, drillships and harsh-environment units," the company said in a statement. -- REUTERS
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