Sembcorp Marine achieved a 105% increase in 3Q 2010 net profit to $296 million from $145 million in 3Q 2009. Excluding the one-off write-back of $53 million in the consolidated income statement arising from the full and final amicable settlement with Societe Generale on the disputed foreign exchange transactions, net profit at $243 million in 3Q 2010 was 68% higher as compared with $145 million for the corresponding period in 2009.

Group turnover at $1,115 million was 27% lower as compared with $1,520 million in 3Q 2009. The lower turnover was attributable mainly to lower progressive revenue recognition of the rig building, ship conversion and offshore projects. There was no major initial revenue recognition in 3Q 2010 as compared with 3Q 2009 where a unit each of semi-submersible, jack-up and FPSO achieved 20% initial recognition.

Group operating profit at $283 million was 63% higher as compared with $174 million in 3Q 2009. The increase was due to the resumption of margin recognition arising from the sale of the CJ70 harsh environment jack-up rig as well as the execution of repeat rig orders for customers.

At pre-tax level, group profit increased 94% to $355 million from $183 million in 3Q 2009. The increase was attributable to higher profit margin and the receipt on the full and final amicable settlement of the disputed foreign exchange transactions with Societe Generale.

SembMarine says it has a net order book of $4.7 billion with completion and deliveries stretching till first quarter of 2013. This includes $2.3 billion in contract orders secured this year to-date.

Contracts secured include the Ekofisk North Sea accommodation topside, the P-62 pre-FPSO conversion, incremental adjustment to CJ-70 harsh-environment jack-up drilling rig, 3 FPSO/FPU conversions, 2 Pacific Class 400 jack-up rigs and 2 Friede & Goldman JU2000E jack-up rigs.