SEMBCORP Marine, the world's No. 2 builder of offshore oil rigs, reported on Wednesday a better-than-expected 3 per cent rise in third-quarter net profit thanks to higher margins from building rigs.

The company said fundamentals for the sector remain intact with oil prices in the US$70-US$80 a barrel range, and it expects a good business outlook for its ship repair business for the rest of 2009.

Sembcorp Marine earned S$144.6 million in the three months to September, compared with S$140.9 million a year ago. The profit was higher than Thomson Reuters I/B/E/S estimates of S$132 million.

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