UPDATE 1-Sembcorp Marine posts Q1 profit drop, sees challenging year ahead

lunes 27 de abril de 2015 07:04 GYT

* First-quarter net profit falls 13.6 pct to S$105.9 mln

* Net order book at S$10.6 bln, vs S$11.4 bln at end-Feb

* Brazil's oil and gas industry mired in uncertainty -company (Adds details of results, comments)

SINGAPORE, April 27 (Reuters) - Singapore-based rig builder Sembcorp Marine posted its lowest quarterly net profit in at least five years and forecast a challenging year ahead, as new rig orders dry up on weak oil prices and as a corruption scandal in Brazil brings uncertainty.

Sembcorp Marine said on Monday its first-quarter net profit dropped 13.6 percent on the year to S$105.9 million ($79.5 million), hit by lower contribution from rig building and repair work.

Sembcorp Marine, one of the world's top two offshore jackup rig builders alongside cross-town rival Keppel Corporation Ltd , said cuts in exploration and production expenses have resulted in few new orders for rig builders, as crude oil has fallen more than 40 percent since mid-2014.

Its net order book stands at S$10.6 billion, down from S$11.4 billion at the end of February.

Orders for drillships from Sete Brasil, a company set up by Brazil's national oil company Petrobras, along with a group of banks and funds, accounted for about half of the order book as of end-February.

There is uncertainty about these orders. Petrobras reported its overdue 2014 results last week, which showed its biggest-ever loss, the result of a $17 billion write-down in the wake of a massive corruption scandal.   Continuación...