KEPPEL Corporation saw its second quarter profit slump by 48 per cent to S$205.78 million, on the back of lower revenue contributions from its offshore and marine and infrastructure divisions.
Second quarter revenue was down 37 per cent to S$1.63 billion, on S$860 million decline in offshore and marine's revenue to S$720 million, and S$137 million decline in infrastructure's revenue to S$404 million, Keppel Corp said on Thursday.
Revenue from O&M was lower because of lower volume of work, deferment of some projects and the suspension of Sete Brasil semi-submersible rigs order.
Revenue from infrastructure was down due to a drop in revenue from the power and gas business as a result of lower prices and volume.
Earnings per share was 11.3 Singapore cents, compared with 21.9 Singapore cents last year.
Shares in Keppel Corp closed at S$5.58 on Thursday, down two cents.
The original story cited suspension of Sete Brasil drillship orders when they should have been semi-submersible rig orders.