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SembMarine reports 68% lower 1Q earnings; says O&M outlook continues to improve

PC Lee
PC Lee5/3/2019 07:19 AM GMT+08  • 2 min read
SembMarine reports 68% lower 1Q earnings; says O&M outlook continues to improve
SINGAPORE (May 3): Sembcorp Marine reported earnings of $1.7 million for 1Q19 ended March, down 67.8% compared to earnings of $5.3 million a year ago.
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SINGAPORE (May 3): Sembcorp Marine reported earnings of $1.7 million for 1Q19 ended March, down 67.8% compared to earnings of $5.3 million a year ago.

In 1Q19, group revenue totalled $811 million, down 31.3% from $1.18 billion booked in 1Q18. The decline was largely due to lower revenue from rigs and floaters and offshore platform projects, partially offset by higher revenue from repairs and upgrades.

Turnover for Rigs & Floaters was $680 million in 1Q19, compared with $1.02 billion in 1Q18. Offshore Platforms revenue was $15 million in 1Q19, lower than the $62 million in 1Q18 due to the lack of large-scale contracts recognised during the period.

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