SembMarine declares dividend despite 70% drop in 1H earnings

SINGAPORE (July 28): Rigbuilder Sembcorp Marine announced revenues amounting to $1.83 billion for the first six months of the year, a 27% year-on-year drop as customers deferred taking delivery of their orders and new contracts dwindled on the back of low oil prices.

Earnings were down some 70% to $66.3 million during the period from a year ago, even after delivering a jack-up rig to Maersk, platform topside to Det Norske, semisubmersible drilling rig to Prosafe and a floating, production, storage and offloading vessel to Modec.

Year to date, new orders totalled $320 million, a far cry from the $3.2 billion worth of orders secured last year and $11 billion during the peak in 2012. The new orders include offshore platforms and floaters but orders for SembMarine’s specialised jack-up rigs have ground to a halt.

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