Sembcorp Marine has posted a loss of $536.9million for the fourth quarter of last year amid the decline in oil price.
The rigbuilder said its turnover was reduced by 8.2% to $1.33billion as a result of “lower revenue recognition” for rig-building projects.
The company has also been hit with impairments and provisions of $609million for rigs, including $329million for its projects for the firm Sete Brasil.
Sembcorp said it posted a net loss of $289.7million for the 12 months of last year in comparison to a net profit of $560.1million the year previously.