SINGAPORE, Feb 23 (Reuters) - Sembcorp Marine Ltd , the world's second largest rig-builder, reported a larger-than-expected 26 percent fall in quarterly net profit as it booked fewer higher-margin projects.
The company, controlled by Singapore-listed infrastructure conglomerate Sembcorp Industries Ltd, earned S$177 million ($141 million) in net profit excluding exceptional items for the three months ended December compared to S$239.4 million a year ago.
The profit figure was below analysts forecast of S$184.1 million. Including exceptional items, the net profit attributable to the owners of the firm would be S$229 million.
Sembcorp Marine, which competes with Keppel Corporation Ltd and other Asian rivals, has a net orderbook of S$6.3 billion with completion and deliveries stretching to the second quarter of 2015.
With oil prices likely to stay above $80 a barrel, a level seen by the industry as conducive for oil firms to explore new fields, analysts expect Sembcorp and rival Keppel to win some high-value deepwater rig projects this year. ($1 = 1.2593 Singapore dollars) (Reporting by Harry Suhartono; Editing by Anshuman Daga)
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