The company attributes the profit increase to higher revenue recognition from rig building activities as profit margins increased.
Contributions from the group's joint ventures dropped 55% percent overall to $6.2m after as COSCO Shipyard Group Company's contribution tumbled 64% to $4.2m from $11.8m in the same period of 2012.
Sembmarine's first quarter new orders totalled $1.7bn, bringing the yard's order book to $13.6bn with deliveries stretching to 2019.
"Demand for rigs is expected to remain strong given the ageing rig fleet and the increasing focus by oil companies for new, safer and more efficient rigs, in particular high specification rigs capable of operating in harsh and deepwater environment," the company said in its outlook statement.
"The fundamentals driving the marine and offshore industry remain intact underpinned by healthy oil prices and projected increases in offshore exploration and production (E&P) spending." it added.
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