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Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.
The oil discoveries are down 47% y-o-y on an annualised basis so far in 2016, global rig utilisation has dropped 22 percentage points to 73% in two years, and 29% of seismic units are inactive,
Revenue falls 30 pct; order book at S$9.7 billion.
Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces