A very disappointing quarter for SCI as earnings were down significantly even with the boost from the sale of assets. The down cycle only seems to have started this year and may continue through 2016. Reported earnings for the utilities business were up 3%, however this was boosted significantly by one off gains in their sale of China and Aussie assets. Core Utilities earnings fell close to 20% which is quite bad. The marine business hits its full down cycle as earnings fell a whopping 36%! The outlook is still very gloomy with customers delaying their deliveries and some might even default on their payment. Generally Semb Marine takes a upfront 20% deposit for rig orders, so if the customer defaults SMM is free to sell the completed project into the open market, however the low oil prices means a weak secondary market. I think earnings are likely to continue ......