Net profit for the quarter fell to S$113m ($90m) from S$151m in the same period of 2011. The decrease was attributed mainly to timing, value and the initial lower margin from new design jack-up rigs as compared with the semi-submersible rig building projects of repeated designs in the first quarter of 2011.
Revenue was at $943m, rising above $829m for the same period in 2011. The higher turnover came from the rig building and the ship conversion and offshore sectors.
“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 said.
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.
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