Iranian Ship Linked to Houthi Attacks Heads Home Amid Tensions
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
Net profit for the three months ended June 30 was S$149.7 million, down from S$176.1 million a year earlier, the world’s second-largest builder of offshore oil rigs by volume said in a statement to the Singapore Exchange.
“The fundamentals driving the offshore oil industry remain intact with exploration and production spending by oil majors and national oil companies expected to increase in 2011. Increased spending is expected for deepwater activity, driven largely by investments in Brazil, West Africa and Asia,” the company said in the statement.
Sembcorp Marine is the marine engineering arm of conglomerate Sembcorp Industries Ltd. (U96.SG).
Sembcorp Marine’s group turnover fell to S$831 million, down 24% from S$1.1 billion a year earlier as most of the new rig building projects secured since the fourth quarter of last year are still at the planning stage and didn’t contribute revenue in the quarter.
Sembcorp Marine has an order book worth S$5.7 billion, with deliveries scheduled through 2014. The company has received new orders worth S$2.6 billion so far this year, according to the statement.
-By Gaurav Raghuvanshi; Dow Jones Newswires
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