SINGAPORE (April 27): Sembcorp Marine posted 1Q earnings of $39.5 million, down 27.9% from a year ago on lower sales. The group booked a gain of $47 million from the divestment of its 30% stake in Cosco Shipyard Group Co. which was completed in January.

Revenue for the three months ended March fell 17.2% to $760.1 million. Turnover for rigs & floaters was $347 million for 1Q17, a 36% decline from the $540 million booked in the previous year due to lower revenue from drillships and other rigs. This was partially offset by revenue recognition from ongoing floater projects, and the completion and delivery of an FPSO vessel.

Offshore Platforms revenue increased 16% year-on-year to $302 million in 1Q17 from $261 million in 1Q16 on higher recognition of ongoing offshore platform projects and LNG topside modules.

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