Sembcorp Marine's 3Q 2015 Net Profit Down 76% to $23.1M, Rig Revenue Falls
Sembcorp Marine commented that low oil prices and the oversupply situation in the global offshore exploration segment continue to weigh on offshore rig utilization and charter rates, leading to the lack of new charter contracts and the cancellation of existing charters.
"Some of our customers are deferring or are seeking to defer the delivery of their ordered rigs. These deferrals have now resulted in a delay in earnings recognition from these projects. Brazil’s oil and gas industry continues to remain fraught in uncertainty. The group faces many challenges ahead and we will continue to actively manage our balance sheet to maintain a healthy financial position," the company added.
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