OREANDA-NEWS. Sembcorp Marine achieved a 3Q 2013 net profit of USD 130 million, 12% higher as compared with USD 116 million earned in the corresponding period in 2012.

Third quarter Group operating profit grew 32%, or USD 41 million from USD 126 million in 3Q 2012 to USD 167 million in 3Q 2013. At pre-tax level, Group profit at USD 171 million was 23% higher as compared with USD 139 million for the same period in 2012.

Group turnover in 3Q 2013 was USD 1,659 million. This was 86% higher as compared with USD 892 million in 3Q 2012, attributable to higher revenue contributions from the rig building and repair sectors.

Turnover from the rig building sector soared USD 714 million from USD 428 million in 3Q 2012 to USD 1,142 million in 3Q 2013. A total of five rigs comprising a wellintervention semi-submersible rig, a harsh-environment semi-submersible rig and three jack-up rigs (two units of Pacific Class 400 rigs and one unit of F&G 3000N jack-up rig) achieved initial recognition in 3Q 2013. In comparison to the corresponding period in 2012, only one jack-up rig achieved initial recognition.

The conversion and offshore sector registered a decline of 10% in turnover at USD 271 million in 3Q 2013 as compared with USD 300 million for the same period in 2012. The decline was due to timing in recognition of projects that achieved initial recognition and the value of the projects. For 3Q 2013, there was no initial recognition of project as compared with one major FSO conversion in 3Q 2012.

Turnover for the repair sector increased 34% from USD 153 million in 3Q 2012 to USD 204 million in 3Q 2013.