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Sembcorp reports record results

Singapore: Sembcorp Marine has posted record results for the first half of 2006, reporting a new revenue high of S$1.5bn ($948m), an increase of 68% over the previous year. Net profit rose 43% to S$49.6m and interim dividend payouts are up 40%. The Singapore-based shipbuilding, repair and offshore engineering group attributes its strong performance to increased demand for oil rig orders, driven by record high oil prices. Rig building activities have quadrupled, comprising almost half the group's workload for the past six months. Meanwhile, shipbuilding and repair have seen double-digit increases of 18% and 11.5% respectively, with conversion work currently at a lower level than 2005.  [02/08/06]

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