SembMarine's Q2 falls 12.5% to $124.9 mil

Sembcorp Marine said net profit in the second quarter fell 12.5% to $124.9 million.

Sembcorp Marine, which competes with crosstown rival Keppel Corporation in winning orders for offshore drilling rigs, said demand for rigs is expected to remain strong but competition from Chinese and Korean yards will impact margin.

Sembcorp Marine’s order book stood at $12.7 billion, down from $13.6 billion at the end of the last quarter.