2014 was a very fearful year for marine stocks as the oil bear came crashing in. Semb marine has since suffered a 27% decline within the last 12 months as investors were worried of major risks involving their oil rig construction segment. The full year results came in well and above many expectations, as net profits was up 1% as compared to previous year. The dividend pay out of 13 cents was also maintained and this represents a yield of 4.3% which is pretty decent. Earnings per share came in at 26.8 cents, so at around 11 times earnings semb marine definitely looks cheap considering its wide business moat with a fat ROE of 20%! Ever since its previous major set back from the europe crisis (2010-2011), earnings fell to a low of 538 million and have since bottomed out as show from the chart above.  ......