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Oil price rout hits O&M firms in Q1
Nam Cheong profit takes a dive; Swiber and Otto Marine both in the red
Add BT as a preferred sourcePublished Thu, May 14, 2015 · 09:50 PM
Singapore
IT'S hard out there for an offshore and marine (O&M) firm, going by the bloodletting on display at the end of the first full financial quarter that has elapsed ever since Brent crude prices fell below US$80 per barrel in November 2014.
Offshore support vessel (OSV) builder Nam Cheong posted lower-than-expected earnings on Thursday, prompting a downgrade from some analysts, while offshore engineering firm Swiber sank into the red.
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