UPDATE 2-Sembcorp Marine in talks with Sete Brasil over delayed payments
* Sete Brasil owes the company $51-$59 million in payment
* Order book falls to three-year low
* Q4 revenue drops as rig building turnover falls 27 pct (Recasts; adds details, comments)
By LEE ROUURN and Rujun Shen
SINGAPORE, Feb 12 (Reuters) - Sembcorp Marine said it is in talks with Sete Brasil over delayed payments worth millions of dollars on orders that the Brazilian company has placed with the Singaporean rig builder.
Wong Weng Sun, Sembcorp president and chief executive, told reporters and analysts at a briefing that Sete Brasil now owes the company S$70-80 million ($51-$59 million).
Sembcorp Marine has won seven drillship orders, each worth about $800 million, from Sete Brasil, a company set up by Brazil's national oil company Petrobras, along with a group of banks and funds, to develop a deep-water drilling rig fleet for Petrobras.
These orders account for more than half Sembcorp's order book, which totalled S$11.43 billion at the end of 2014, its lowest since 2011.
Both Sembcorp Marine and cross-town rival Keppel Corporation Ltd have built shipyards in Brazil, and have heavy exposure to the country, where major offshore oil discoveries have promised to propel it into the ranks of the world's top oil producers. Continuación...