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 a year ago.The year-ago profit was boosted by an one-off gain from the disposal of Sembcorp Marine's stake in Cosco Shipyard Co.Overall business volume has remained significantly below peak levels, resulting in operating losses in the latest quarter…
Borr Drilling Deal Could Lead to Mexico Contracts
Borr Drilling's acquisition of nine jack-up rigs from Singapore's PPL shipyard could provide it a competitive edge in seeking contracts off Mexico, Danske Bank analysts said. The company has successfully raised $650 million to partly finance the $1.3 billion deal with Sembcorp Marine Ltd , a unit of PPL Shipyard Pte, by issuing 162.5 million new shares via private placement, the company said on Monday. He added the company will consider acquiring more rigs, "if the price is good", but had no immediate plans to do so.
Keppel's Q1 Profit up 23 pct
Singapore's Keppel Corp on Thursday reported a 23 percent rise in its first-quarter profit as improved earnings from the infrastructure and investments divisions helped offset weakness in its offshore and marine business. Keppel reported a net profit of S$260 million ($186.17 million) for the quarter ended March, versus S$211 million a year ago. Total revenue fell 28.4 percent to S$1.25 billion. This comes after Keppel posted its smallest annual profit in a decade in 2016. The conglomerate and its rival Sembcorp Marine Ltd have been suffering from an oversupply of offshore oil drilling rigs…
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, with customers delaying contracts and refraining from placing orders while oil hovers at about half its 2014 peak. "While prospects for the…
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. It said the bottomline was hurt by higher financing costs, share of losses from associates and foreign exchange impact. The company, majority-owned by industrial conglomerate Sembcorp Industries Ltd, said revenue dropped 21 percent. Sembcorp Marine's net order stood at S$8.4 billion.
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. ($1 = 1.3906 Singapore dollars) (Reporting by Aradhana Aravindan; Editing by Amrutha Gayathri)
Sevan Marine Divests Stake in KANFA Aragon
Sevan Marine ASA said it has disposed 50 percent of its stake in KANFA Aragon AS to Sembcorp Marine Ltd. for cash consideration of NOK 20 million, representing a step in the company’s efforts to cut costs and complexity while increasing its focus on its core cylindrical hull technology. The transaction was completed and funds were received June 28, 2016, Sevan Marine said. The sale will generate a one-time financial gain of approximately $1 million in the Sevan Marine Group in Q2 2016.
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 the downtrend to last longer than previous cycles as Singapore's $10 billion rig building industry faces cancellations and a dearth of new orders. For the fourth quarter, Sembcorp posted a S$535.2 million ($383 million) attributable loss…
Sembcorp Marine Q3 Tumbles as Rig Projects Fall Short
Singapore's Sembcorp Marine Ltd said on Thursday its third-quarter net profit shrunk 76 percent on the year due to lower contribution from rig building projects. Sembcorp Marine, one of the world's largest offshore drilling rig producers, posted a net profit of S$32.1 million ($23.1 million) from revenue of S$1.1 bilion, which fell over a third on the year. (Reporting by Rujun Shen)
Sembcorp Marine: Sete Brasil Owes Drillship Payment
Sembcorp Marine Ltd is owed S$70-80 million ($51-$59 million) from Sete Brasil related to drillship orders, its chief executive said on Thursday. Sembcorp Marine in 2012 secured orders for seven drillships from Sete Brasil, a company set up by Petrobras, along with a group of banks and funds, to develop a deep-water drilling rig fleet for Petrobras. Reporting by Lee Rou Urn
Offshore firm's IPO may give Singapore market shot in the arm
This would be only the second mainboard IPO in Singapore this year. Singapore's IPO market lacklustre in recent years, but oil and gas related offerings find favour in Singapore. A major operator of maritime support vessels controlled by Malaysia's richest man is seeking up to $380 million in a Singapore IPO - a boost to the city-state's stock market which has seen just one other mainboard listing this year. The deal from PACC Offshore Services Holdings (POSH), the largest Asia-based international operator of support vessels for offshore oilfields, comes as Singapore's IPO market has struggled in recent years.
POSH attracts Hwang, Fortress as IPO investors
PACC Offshore Services Holdings (POSH), part of the empire of Malaysia's richest man Robert Kuok, has roped in Hwang Investment Management Berhad and Fortress Capital Asset Management as cornerstone investors for its Singapore listing, which sources close to the matter said could raise about $400 million. The two cornerstone investors would take up 85.6 million shares, according to the company's preliminary prospectus. POSH operates a fleet serving offshore oilfields in Asia, Africa and Latin America. Singapore is home to the world's two biggest rig builders…
