Sembcorp Marine's prospects remain bright despite revenue crash in 3Q13

Rig demand likely to stay strong.

Despite Sembcorp Marine (SMM) reporting a whopping 85.9% yoy fall in revenue to S$1.66b in 3Q13, the rigbuilder will likely continue seeing solid demand, according to an analyst comment from OCBC Investment Research.

"Customers of SMM continue to have positive comments on the outlook of the rig market in their latest earnings calls, and SMM’s management also expects demand from high spec and ultra-deepwater rigs to remain strong," said OCBC.

Also, the steep drop in revenue failed to crimp on SMM's profit. 3Q13 saw a 12.3% rise in net profit to S$129.7m, staying within market expectations, albeit its operating margin during the quarter lowered a bit to 10.1% from 14.1% in the same period last year.

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