Sembcorp Marine, the world’s second-biggest oil-rig maker, reported its smallest profit gain in six quarters because of currency losses and lower returns from investments in Cosco Corp. Singapore.
Second-quarter net income rose 8% to $138.1 million, or 6.7 cents a share, in the three months ended June 30 from $128.3 million, or 6.18 cents, a year earlier, Singapore-based Sembcorp Marine said today in a statement. Sales rose 8% to $1.5 billion.
Sembcorp Marine (SCMN.SI), the world’s No. 2 builder of offshore oil rigs, said today it was looking for acquisitions to grow its offshore marine business.
“Yes, we are looking for opportunity for acquisition,” chief executive Wong Weng Sun said at a media briefing.
Sembcorp Marine reported a better-than-expected 7.6% rise in quarterly profit thanks to higher earnings from rig-building.
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Singapore-based ship builder Otto Marine said an agreement with a Chinese local government to build a shipyard in China has been terminated.
The agreement, dated Oct 12, 2007, between Otto Marine’s unit and Qidong city of Jiangsu province, was terminated after the local government failed to provide a suitable land for the shipyard within the timeframe agreed by the two parties, Otto Marine said in a statement to the Singapore stock exchange.
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Afghanistan is not Iraq, but neither is it the “good war” analysts long considered it. With US troops going deeper into Taliban territory, the confusion will grow stronger and the line between soldier and sociologist even thinner.
Follow Friday afternoon’s fashion hit (see photos here), First Lady Michelle Obama changed into a turquoise dress for the Marine Corps parade that evening.
The dress featured a bow–which is reminiscent of the Moschino tops she wore in Pragu…
