Rigbuilders close trading at six-year lows

Singapore

SHARES in Singapore rigbuilders Sembcorp Marine and Keppel Corp closed trading on Thursday at multi-year lows as the market digested further oil price declines in addition to uncertainty over contract deliveries.

The latest piece of bad news comes from Sembcorp Marine, who has agreed with its customer, drilling giant Seadrill's subsidiary North Atlantic Drilling, to delay the delivery of a US$568 million sixth-generation, harsh-environment semi-submersible drilling rig called West Rigel.