Weaker rig building activity has dented Sembcorp Marine’s first quarter earnings by nearly 50%.
The Singapore-listed company reported net profit of SGD 55m ($40.8m) compared to $106m at the same period of 2015.
Revenue for the quarter was also reduced from SGD 1.3bn to SGD 918m.
The turnover from its rigs and floaters division fell by 43% to SGD 540m, as oil companies have dramatically cut their budget for new projects.
Sembcorp
