Singapore’s offshore rig builder Sembcorp Marine booked a smaller quarterly profit due to lower revenues from the rigs, floaters, and platforms projects. The company expects its production activity to remain low amid intense competition.
In the first three months of 2019, business volume was relatively stable. Higher percentage recognition from ongoing projects and ship repair and upgrade activities were offset by reduced contribution from completion of past projects. Overall business volume in 1Q 2019 remained significantly below peak levels.