Singapore’s rig builder Sembcorp Marine has warned it might take some time for offshore rig orders to recover, despite the increase in the global exploration and production (E&P) capex, boosted by higher oil prices.
The company has this week posted a net loss of $33.8 million in the fourth quarter of 2017, compared to a profit of 34,3 million in the corresponding quarter of 2016,
Its fourth quarter turnover which fell to $655 million, a 21% drop compared with $830 million for the same period in 2016. The lower revenue was due to lower rig building revenue, fewer floater and offshore platforms projects.
Brazil Energy Insight 
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