I recently updated about my full divestment of Keppel corp due to the slowdown in the marine sector. Semb Marine was not spared as net profits fell by 14%! which is more than what I was expecting (5-10%) The two main areas that pulled SMM down was the rigbuilding and repair segment. The management's view is that there's an ongoing cutback in global exploration and production expenditure which has resulted in a scarcity of new orders for the industry. Their customers are also trying to conserve cash and consolidate their offshore fleet operations. As such SMM as only won 56 mil worth of orders so far this year... which is pathetic compared to the previous years... do note that for keppel corp, they have also won ZERO oil rig contracts. Globally there was only 2 new orders made this year and both contracts were won by cheap china yards. Order ... ...