Sembcorp Joins Keppel With Profit Plunge as Oil Damps Demand

  • Slashes FY16 capital expenditure to half of previous year’s
  • To focus on costs, balance sheet during ‘challenging times’

Sembcorp Marine Ltd., the world’s second-biggest builder of oil rigs, joined its larger rival Keppel Corp. in reporting a profit slump last quarter as projects were deferred or canceled due to low crude oil prices. Shares fell.

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