The company made a net profit of S$55 million (US$40.76 million) in the first three months of the year, as against S$106 million a year earlier.
Revenues sank from S$1.3 billion to S$918 million, while operating profit slid from S$138 million to S$72 million.
The weaker result was largely due to a poorer performance from rig building, with some customers seeking deferments or restructuring.
