![NODX decline suggests Singapore is \"drastically\" losing competitiveness](http://sbr.com.sg/sites/default/files/imagecache/260x75/news/shocked_148.jpg "NODX decline suggests Singapore is \\"drastically\\" losing competitiveness")
Sembcorp Marine's earnings to rebound 17% in FY13
Thanks to initial contributions from the Petrobas rig orders.
Here's more from CIMB:
We have reduced our FY12F by 8% on weak 1H12 and a reduced EBIT margin assumption of 14.5% (prev 15.7%). Our FY13F is intact, with the initial contributions from the assumed Petrobras rig orders to offset adjustments to our orderbook recognition schedule.
We expect earnings to pick up in 2H12 and rebound 17% y-o-y in FY13 as 1) deliveries could see risk contingencies reversed and booked into profits; 2) efficiencies from repeat designs; and 3) contribution from new yard kicks in.
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This signals chemical firm Eastman’s commitment to its Asian clients.
