Sembcorp Marine reported a 4.6% decrease in second quarter ended June 30, 2012 earnings to $142.78 million from a year ago due mainly to the timing of recognition of projects, the number pf projects that achieved recognition, the value and the design of the rig building projects.
Turnover increased 46.4% to $1.22 billion mainly compared to $831 million in the corresponding period in 2011. The higher turnover was due to the progressive recognition of projects, in particular in the rig building sector which saw turnover increase 66% from $400 million in 2Q 2011 to $664 million for the corresponding period in 2012. During the quarter, three more backup rigs achieved initial recognition with one unit of semi-submersible rig, the Atwood Condor, delivered to owner ahead of schedule.
The ship conversion/offshore sector registered a 41% rise in turnover at $364 million in 2Q2012 compared to $259 million for the same period in 2011.
The turnover for the ship repair sector in 2Q2012 at $179 million was 9% higher as compared with the corresponding period in 2011.
The Group has secured contract orders worth a total of $3.1 billion (excluding ship repair) since the start of the year, growing the Group’s net order book from $5.1 billion as at end 2011 to $6.6 billion, with completion and deliveries extending till 2Q 2015.
The Board of Directors of Sembcorp Marine is recommending a one-tier tax exempt interim dividend of 5 cents per share, the same amount as paid in 1H 2011. In terms of payout ratio, it is 41% as compared with 35% in 1H 2011.
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