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Bulging offshore orderbook bolsters SembCorp's bottom line.
(From Lloyds List)
Byline: Contractors flock to Singapore yards for rig newbuilds, writes Martyn Wingrove
SURGING demand for newbuild drilling rigs and offshore units boosted SembCorp Industries' orderbook and sent its net profits to higher levels.
The Singapore yard and utilities group had a bumper year for new orders as drilling contractors rushed to book space for new rigs.
Rising oil company budgets drove an increase in demand for rigs, leaving the global fleet short of available units.
Contractors have flocked to Singapore rig builders to order new units to cover higher demand.
SembCorp Industries reported a 14% rise in fourth-quarter net profits and a 22% climb in full-year profits before exceptional items to S$278m (US$164m) compared with S$228m in 2004.
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