UPDATE 2-Rig builder Keppel hit by weak marine market
* Q2 net profit S$205 mln vs S$397 mln year ago
* Offshore and marine revenue down 54 pct
* Excludes Sete Brasil contracts from order book
* Property division largest contributor to net profit
* Cuts interim dividend (Recasts lead and headline)
SINGAPORE, July 21 (Reuters) - Second-quarter profits at Singaporean rigbuilder Keppel Corp fell 48 percent from a year ago, weighed down by lower revenues at its offshore and marine segment.
The conglomerate, whose businesses include property development and infrastructure, and its smaller rival Sembcorp Marine have been hit by the 60 percent drop in oil prices since mid-2014. Still, oil prices have recovered more than 70 percent from the lows touched in January.
"Given the oversupply in the rig market and falling day rates, we do not expect demand for drilling rigs to return soon," said Loh Chin Hua, chief executive officer. "The industry's capex cycle will take time to stabilise and recover."
Keppel posted a net profit of S$205 million ($152 million)for the three months to June, compared with S$397 million a year ago. Revenue fell 37 percent to S$1.6 billion. Continuación...