Sembmarine Q2 profit dives 17%, interim dividend cut

Singapore

RIGBUILDER Sembcorp Marine has slashed its interim dividend payouts for the first time in seven years, in a bid to conserve cash after a continued slump in oil prices led to major project deferments and hammered its second-quarter earnings.

The group, which has not been able to secure a major rig order so far this year, declared an interim dividend of four Singapore cents per share, a drop from the five Singapore cents it paid out the previous year.