SembMarine: Offshore spending rising, but not for new rigs. New orders expected in production units segment

Singapore’s offshore platform and rig builder Sembcorp Marine sees improvements in global spending on offshore exploration and production, however, it does not expect this to reflect on its near-term business volume. The company will focus on offshore production units as this is where it sees an increasing number of inquiries.

The rig builder on Wednesday reported a net profit of $6 million for the fourth quarter of 2018, compared to a profit of $117 million in the fourth quarter a year ago. Worth reminding, the 4Q profit in 2017 was boosted by contract termination fees for three rigs, and the sale of Cosco shares.

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