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Sembcorp Marine posts S$535 mln quarterly loss as orders shrink

[SINGAPORE] Rig builder Sembcorp Marine Ltd posted a S$535.2 million fourth-quarter loss, hurt by inventories write-downs, provision for foreseeable losses, and as customers delay rig-building projects.

Sembcorp Marine, which competes with its cross-town rival Keppel Corp Ltd for building jack-up rigs, made a S$278 million provision in the fourth quarter for foreseeable losses on contracts in progress.

The group's net order book backlog as of Dec 31, 2015 was S$10.4 billion.