This graph shows Sembcorp Marine's net order book

Three jack-up rigs will be delivered in 4Q12.

According to OCBC, on a sequential basis, net profit fell 19%; we were expecting a pick up as more projects achieve initial revenue recognition stage.

Here's more from OCBC:

However, 3Q12 only saw one jack-up rig achieve initial revenue recognition. The operating margin of 14.1% in 3Q12, though higher than 2Q12’s 13.1%, was also lower than our 15% assumption. Meanwhile we sense management’s more conservative stance towards margin guidance.

That said, we expect 4Q12 to be a better quarter as the first drillship is scheduled to achieve initial revenue recognition, albeit with lower margins. Three jack-up rigs will also be delivered in 4Q12 vs one in 3Q12.

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