Sembcorp Marine, the world’s second-biggest oil-rig maker, said profit in the second quarter climbed 28%, helped by increased production of more offshore drilling structures.

Net income rose to $176.1 million, or 8.48 cents a share, compared with $138.1 million, or 6.7 cents, a year earlier, the Singapore-based company said today in a statement. Sales were $1.1 billion.

 

The rig-maker plans to build new yards in Singapore and Brazil in anticipation of a revival in demand after its orderbook dropped in 2009 for the first time in at least six years. Economic growth and depleting oil reserves at existing fields are encouraging companies, including Royal Dutch Shell Plc and Total SA, to explore new fields in deeper waters.

 

Operating profit, or sales minus the cost of goods sold and administrative expenses, increased 21% to $202.3 million.

 

Sembcorp Marine dropped 1% to close at $4.04 in Singapore trading before the earnings announcement.

 

Sembcorp Marine runs shipyards in Singapore, China, Brazil and Indonesia. The company plans to build new yards as Petroleo Brasileiro SA, Brazil’s state-controlled oil company, plans to invest US$224 billion ($303 billion) through 2014 to develop offshore fields to increase production.

 

Sembcorp Marine’s orderbook stood at $4.3 billion. The company said it has bid for seven drill ships and two semi- submersible rigs in Brazil, it said.