Singapore yards on road to recovery despite tougher climate
Lower margins have become typical with large contracts increasingly hard to secure. Orders from outside the distressed offshore sector, which is finally nearing recovery, also do not match up to pre-crash unit values or volumes
Keppel O&M eked out a small profit, while Sembmarine slipped into the red, but beyond such superficial differences the two yard groups share common woes of compressed margins and lower work volume compared with pre-2014 levels
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