Sembcorp Marine Outlook Subdued on Q1 Profit Slump
Singaporean rig builder Sembcorp Marine Ltd said on Wednesday first-quarter profit fell 86 percent, and signaled a subdued outlook for orders and business volumes.Sembcorp Marine said profit came in at S$5.3 million ($4 million) for the three-month period ended March, compared with S$37 million in the same period…
Construction Begins on Saudi Aramco's Shipyard Joint Venture
Construction work has begun on a joint venture to build a shipyard on Saudi Arabia's eastern coast, oil rig builder Lamprell Plc said in a statement on Friday. The joint venture, International Maritime Industries (IMI), started operations after reaching agreement for a loan from the state-backed Saudi Industrial Development Fund (SIDF), the statement said.
Sembcorp Marine Swings to Q4 Loss
Singapore's Sembcorp Marine swung to a net loss in the fourth quarter, with revenue plunging 21 percent due to lower rig-building revenue, fewer floater and offshore platforms projects. The rig builder reported a net loss of S$33.8 million ($25.59 million) for the three months ended December, compared with profit of S$34.3 million a year ago.
Lamprell Sees Full-year Revenue at Low End of Guidance
British oil rig builder Lamprell sees full-year revenue slipping to the bottom of its guidance range because of stagnant oil sector investment and losses at a windfarm project, it said on Wednesday, sending its shares sharply lower. The company said that total losses on its East Anglia One (EA1) offshore windfarm…
Lamprell's Revenue Falls 65 pct, Cuts FY Forecast
Oil rig builder Lamprell Plc reported a 64.7 percent fall in revenue in the first half of the year and cut its full-year forecast, hurt by lower activity levels across the industry. The company said it expected revenue for 2017 to be in the range of $370 million to $390 million, as it saw continuing low levels of walk-in work.
Sembcorp Marine Swings to Q4 Profit
Annual revenue lowest since 2006. Singapore's Sembcorp Marine Ltd (SembMarine) swung to profit in the fourth quarter of 2016 after provisions pulled the rig builder into a loss the year earlier, but a downturn in oil prices pushed annual revenue to its lowest in a decade. SembMarine and compatriot Keppel Corp Ltd have been suffering from an oversupply of offshore oil drilling rigs…
Keppel Shuts Down Three Yards in Singapore
Keppel Corp, the world's biggest oil rig builder, is still hard hit by the downturn in the oil industry and will now shut down three yards in its homeland. Singapore-based offshore company Keppel reduced its direct work force by about one third. The workforce has been reduced by 2,620 employees in the fourth quarter a cut of 11.8%.
Lamprell Revenue Dips, Tightens Purse Strings
Oil-rig builder Lamprell Plc said it would continue to maintain a tight reign on costs as it stuck to its guidance of lower 2017 revenue. The company, which mainly focuses on contracts around the United Arab Emirates, said it expected 2017 revenue to be between $400-$500 million, with the current market pointing towards the lower half of the range.
Sembcorp Marine Swings to Loss in Q3
Singapore's Sembcorp Marine Ltd swung to a loss in the third quarter and the rig builder's revenue was hurt by customers deferring rig deliveries amid a protracted downturn in the oil and natural gas market. The company posted a net loss of S$21.8 million ($15.7 million) for the three months ended Sept. 30, compared with a net profit of S$32.1 million a year ago.
Sembcorp Marine Posts Q3 Loss
Singaporean rig builder Sembcorp Marine Ltd. posted a loss in the third quarter, hurt by higher financing costs and a fall in orders due to weak oil prices. The company posted a net loss of S$21.8 million ($15.7 million) for the three months ended Sept. 30, compared with a net profit of S$32.1 million a year ago.
Keppel Posts Fifth Straight Quarterly Profit Drop
Q2 net profit S$205 mln vs S$397 mln year ago; offshore and marine revenue down 54 pct. Second-quarter profits at Singaporean rigbuilder Keppel Corp fell 48 percent from a year ago, fifth straight decline in quarterly profit, weighed down by lower revenues at its offshore and marine segment. The conglomerate, whose businesses include property development and infrastructure…
Sembcorp Profit Halved as Clients Defer Projects
Revenue falls 30 pct; order book at S$9.7 billion. Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces prolonged uncertainty on contracts from its biggest client, Sete Brasil, whose shareholders have approved its bankruptcy. Sembcorp Marine posted a profit of S$55 million ($41 million) for the three months ended March 31…
Sembcorp Marine posts first Quarterly Loss.
Posts S$535 mln loss vs year ago profit; net order book backlog at S$10.4 billion. Singaporean rig builder Sembcorp Marine Ltd posted its first quarterly loss, hit by writedowns and project delays by its key customers, underscoring the strain caused by plunging crude oil prices. The company also warned that it expects…
Petrobras Reaches Deal for Reorganization of Sete Brasil
Brazilian state-run oil company Petrobras and other investors reached an agreement to approve the restructuring plan of ailing oil-drilling-rig builder Sete Brasil Participações SA, two leading local newspapers reported on Friday. The plan would pave the way the refinancing of Sete Brasil's $3.8 billion in debt.
Lamprell to Implement Software for Automated Manufacturing
U.A.E based offshore jackup rig builder Lamprell Energy Ltd., will implement SSI's EnterprisePlatform software solution to allow its engineering team to automate manufacturing processes. Acording to SSI (developer of ShipConstructor software), the immediate benefit will come from streamlining and automating Lamprell's…
Sembcorp Marine Q1 Profit Down, Challenges Coming
Brazil's oil and gas industry mired in uncertainty. Singapore-based rig builder Sembcorp Marine posted its lowest quarterly net profit in at least five years and forecast a challenging year ahead, as new rig orders dry up on weak oil prices and as a corruption scandal in Brazil brings uncertainty. Sembcorp Marine…
Honghua Group Wins Rig Contract from Orion
Chinese rig builder Honghua Group has been awarded a contract by Orion Engineering and Management Ltd to build a semi-submersible drilling rig, with options to build three more. According to a statement released by Honghua, the rig deal worth US$320 million was signed by its offshore outfit Honghua Offshore Oil & Gas Jiangsu Company Ltd.
Viking Wins $32m Charter Contract for Drilling System
Viking Offshore & Marine Limited (Viking) which is building a portfolio of mainstream offshore, marine and drilling assets, said today that it has secured a 50-month bareboat charter for a land rig system worth approximately US $32 million. Under the contract, SGX-listed Viking’s wholly owned subsidiary Viking Asset a Chinese land rig specialist from September 2014.
Keppel Extends Strategy into China
Company signs agreement to manage a shipyard in Quanzhou, China. Keppel Offshore & Marine Ltd (Keppel O&M), through its wholly owned subsidiary, FELS Offshore Pte Ltd, has signed a management services agreement with Titan Petrochemicals Group Limited (Titan) - a company in which commodities trading conglomerate Guangdong Zhenrong Energy Co. Ltd.
