Sembcorp's 3Q 2013 Net Profit at $130 Million

Sembcorp Marine achieved a 3Q 2013 net profit of $130 million, 12% higher as compared with $116 million earned in the corresponding period in 2012.

Third quarter Group operating profit grew 32%, or $41 million from $126 million in 3Q 2012 to $167 million in 3Q 2013.    At pre-tax level, Group profit at $171 million was 23% higher as compared with $139 million for the same period in 2012.

Group turnover in 3Q 2013 was $1,659 million. This was 86% higher as compared with $892 million in 3Q 2012, attributable to higher revenue contributions from the rig building and repair sectors.

Turnover from the rig building sector soared $714 million from $428 million in 3Q 2012 to $1,142 million in 3Q 2013. A total of five rigs comprising a well- intervention semi-submersible rig, a harsh-environment semi-submersible rig and three jack-up rigs (two units of Pacific Class 400 rigs and one unit of F&G 3000N jack-up rig) achieved initial recognition in 3Q 2013. In comparison to the corresponding period in 2012, only one jack-up rig achieved initial recognition.

The conversion and offshore sector registered a decline of 10% in turnover at $271 million in 3Q 2013 as compared with $300 million for the same period in 2012. The decline was due to timing in recognition of projects that achieved initial recognition and the value of the projects. For 3Q 2013, there was no initial recognition of project as compared with one major FSO conversion in 3Q 2012.

Turnover for the repair sector increased 34% from $153 million in 3Q 2012 to $204 million in 3Q 2013.