The company did, however, report higher revenues in some business units, but the core rig building division suffered.
Net profit for the three months to the end of June was S$113.17 million (US$82.93 million), down from S$140.12 million a year earlier.
Revenues were down from S$1.34 billion to S$1.21 billion, with the cost of sales also down from S$1.15 billion to S$1.01
