Group turnover rose by 13% or $660.8 million to $5,724.7 million with the rig building sector registering an increase of 28% due to progressive recognition of rig building projects.

Group operating profit at $862.4 million was 72% higher than the corresponding period in 2008.

At pre-tax profit level, Group earnings increased 67% to $907.6 million from $545.0 million in 2008, attributable mainly to higher operating margins from rig building projects.

4Q 2009 vs 4Q 2008

On a quarterly basis, Group attributable profit after tax for 4Q 2009 at $297.2 million was the highest quarter ever recorded. This was 328% higher as compared with $69.4 million recorded in 4Q 2008.

Group turnover at $1,343.2 million for 4Q 2009 was 17% lower as compared with $1,617.5 million for the corresponding period in 2008. Turnover was higher in 4Q 2008 due to the variation order settlement for a turnkey conversion project Group operating profit at $387.0 million was 129% higher than 4Q 2008’s $168.8 million.

At pre-tax profit level, Group earnings increased 348% to $394.8 million in 4Q 2009 as compared with $88.2 million in 4Q 2008. The record 4Q 2009 profit was attributable to combination of operational efficiency, execution of projects ahead of schedule, resulting in better margins and resumption of margin recognition for some of the projects.

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