Rigbuilders' share prices slip as Sete Brasil goes belly-up

Keppel sustained heavier losses.

Keppel Corporation and Sembcorp Marine sustained losses in early Friday trading after news erupted that its biggest client Sete Brasil is going to file for bankruptcy.

Keppel Corporation and Sembcorp were among the top losers on the SGX.

As of 10:52 AM, Keppel was trading at $5.68 a drop of 5.33% compared to its last closing price. Over 4.7 million shares have changed hands.

Meanwhile, Sembcorp Industries has dropped by 2.3% to $3.01 per share, while its subsidiary Sembcorp Marine has lost 2.1% to $1.83.

Keppel and SMM have USD4.9b and USD5.6b of rigbuilding contracts with Sete respectively.

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