Sembcorp Marine hurt by slow activity in offshore sector
The first quarter’s net profit figure for Sembcorp Marine more than halved when taking into account the lower turnover as rig building and offshore production jobs undertaken by the company dwindled. While the repair and upgrade segment revenue rose with higher margins, the volume of work fell from the first quarter of 2018
After a lacklustre first quarter set of results for Sembcorp Marine, the outlook for the future is not much brighter, with new contracts secured in the first quarter totalling just S$175m
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