REFILE-UPDATE 1-Rig-builder Sembcorp Marine's profit halves as clients defer projects
(Refiles to remove extraneous word in headline tag)
* Q1 profit S$55 mln vs S$106 mln yr ago
* Revenue falls 30 pct
* Order book at S$9.7 billion
By Aradhana Aravindan
SINGAPORE, April 27 (Reuters) - Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces prolonged uncertainty on contracts from its biggest client, Sete Brasil, whose shareholders have approved its bankruptcy.
Sembcorp Marine posted a profit of S$55 million ($41 million) for the three months ended March 31, compared with a profit of S$106 million a year ago.
Sembcorp Marine and its cross-town rival Keppel Corp have been hit by slumping orders as oil prices dropped nearly 60 percent since mid-2014.
Exacerbating the situation are troubles at Sete Brasil, a company set up by corruption-battered Petroleo Brasileiro SA (Petrobras). The graft scandal and recession have crushed popularity for President Dilma Rousseff, who is facing ouster. Continuación...