Sembcorp has posted a 48% drop in its quarterly profit as orders dry up and projects get delayed amid the oil price decline.
The Singaporean rig-builder posted a profit of $41million for the three months ending March 31st, compared with a profit of $106million a year ago.
The company, a subsidiary of industrial conglomerate Sembcorp, posted a revenue of S$918million – a drop of about 30% from a year earlier.
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