SembMarine earnings hit by rig-building headwinds

Singapore

SEMBCORP Marine posted a 17 per cent year-on-year decline in group revenue from S$4.4 billion to S$3.6 billion for the nine months to September, on lower revenue recognition for rig-building projects and ship repair under an environment of low oil prices and oversupply in the global offshore exploration segment.

Turnover for rigs and floaters was S$2.5 billion, a 21 per cent yearon-year decline, with deliveries halved to three rigs for the nine months to September 2015.

For the nine months to September 2015, gross profit declined 19 per cent year-on-year from S$569 million…