Singapore's Sembcorp Marine Q2 net profit up 7.6 pct

SINGAPORE, Aug 4 (Reuters) - Sembcorp Marine (SCMN.SI), the world's number-two builder of offshore oil rigs, reported on Tuesday a better-than-expected 7.6 percent rise in second-quarter net profit thanks to higher earnings from rig-building. The company said the long-term outlook for the rig-building industry was positive but the near-term outlook for ship-repair, another core business, was "challenging".

Sembcorp Marine earned S$138.1 million ($96.44 million) in the three months to June, compared with S$128.3 million a year ago. The profit was higher than analysts' average forecast of S$119.1 million.

"Notwithstanding the current economic downturn and restricted financing and liquidity environment for owners, the long-term fundamentals for the marine and offshore industry remain resilient with oil prices back to the $60-70 bbl range," the company said in a statement.

Keppel Corp (KPLM.SI), the world's largest offshore oil rig builder, posted a 6 percent rise in second-quarter net profit, but its orderbook slid as it faces a cyclical industry downturn.

Sembcorp Marine and Keppel benefited from a jump in oil exploration in recent years as crude prices CLc1 soared to record highs, but the drop to current levels of around $65 have hurt demand for new oil rigs.

Sembcorp shares have risen about 90 percent so far this year, roughly in line with Keppel, and outperforming the broader index .FTSTI which is up over 50 percent. (Reporting by Harry Suhartono, editing by Kevin Lim)