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Keppel Corporation has reported that net profit from its offshore and marine segment declined 11%  to $173.4 million in the third quarter of 2013.

Revenue also dropped  31% to $1.238 billion, down from $1.793 billion in 2012.

“Offshore & Marine reported lower profit for the quarter because of the reduced revenue. However, operating margin was higher at 16.5 percent compared to 12.9 percent for the third quarter of 2012,” Keppel Corporation’s Chief Financial Officer Low Chin Hua said after the company released its third quarter results.

Even with the decrease, the offshore and marine segment remains the largest contributor to the company’s net profit, accounting for 53% in 3Q 2013.

Keppel received $1.532 billion new orders in the third quarter, bringing the total for the year to date to about $4.03 billion. The company’s net order book swelled to $10.97 billion at the end of 3Q 2013, with deliveries extending into 2019.