Sembcorp Marine’s net profit up 1% to $560m in FY14

On back of higher rig building revenue.

Sembcorp Marine reported a 1% year-on-year increase in net profit to $560 million in FY14, on back of higher revenue from rig building activities.

The group’s earnings grew by 10% year-on-year to $822 million, while operating profit grew 10% to $707 million, from $644 million in the previous corresponding period.

Turnover for the Rig building sector increased 6% year on year from $3.6 billion to $3.8 billion. The Group delivered eight jack-up rigs for the 12 months ended December, with another ten rigs in the work in progress or planning stage.

The fixed platform segment registered a 6% increase in revenue from $868 million to $925 million for the year, with three major project deliveries in FY2014.

Offshore and conversion revenue increased 28% from $336 million in FY2013 to $428 million in FY2014, with three project deliveries during the period.

Ship repair revenue was 9% lower at $622 million in FY2014 compared with $681 million in the corresponding period in 2013 as average revenue per vessel remained low although the number of ships repaired has increased.