ES Group sees profit drops in 2013ES Group sees profit drops in 2013

The marine and offshore group reported a 2013 profit of SGD2m ($1.6m), down 39.4% compared to SGD3.3m in 2012.

Revenue, however, jumped 41.8% year-on-year to SGD67.8m, boosted by sales and demise charter recognition of two bunker tankers which were delivered in the first half of 2013.

Meanwhile, ES Group revealed that it has secured orders for three jack-up blocks worth a total of SGD15m from a major customers in Singapore. They comprise part of a high specification jack-up rig's main hull and construction of the blocks has commenced at the group's Thailand yard. Delivery is expected in the last quarter of 2014.

“Singapore's shipbuilding sector is showing signs of slowing down. This is expected to be offset by anticipated increase in the demand for oil rigs and offshore services,” said Christopher Low, ceo of ES Group.