The Singapore powerhouse reported net income fell 41% to S$211 million ($156 million) in the three months to March.
Revenue fell to S$1.7 billion from S$2.81 billion.
In the highest-profile of its challenges, the company reiterated its move to stop construction on rigs for troubled customer Sete Brasil, which has been mired in the country's Operation Car Wash scandal.
Initial discussions regarding bankrupcty has been held, but no decision has been reached on the future of the company.
Keppel
