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Sembcorp Marine reports record profit for 2009

Sembcorp Marine reports record profit for 2009

Singapore: Sembcorp Marine reported a record profit of S$700m ($496m) last year boosted by higher margins from rigbuilding projects. The Singapore shipyard group reported a 13% jump in revenues to S$5.72bn. Sembcorp Marine currently has an S$5.5bn orderbook of which S$1.25bn was contracted last year. Deliveries stretch through to 2012. The yard group said the long-term fundamentals driving deepwater exploration and production activities for oil and gas were expected to continue to meet the growing demand for energy. Sembcorp Marine said its orderbook might benefit from the growth but it would also face "severe competition" from other shipyards. In shiprepair the company said demand for its bigger drydocks remained strong. [23/02/10]

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