Rig builders fall as oil price weakens

Shares of Singapore rig builders fell on Thursday following the weakening oil prices as the global economic outlook looks increasingly uncertain.

At 9:05 a.m., shares of Keppel Corp (KPLM.SI) and Sembcorp Marine (SCMN.SI) were down 2.6% and 2.4% respectively. The broader Straits Times Index <.FTSTI> was 1 percent lower.

 

Shares of Keppel, the world’s largest rig builder, dropped by as much as 3.7% in early trade while rival Sembcorp Marine fell as much as 2.9%.

 

U.S. crude oil futures lost more than US$1 ($1.29) a barrel to below US$80 in early Asian trade on Thursday as investor concerns mounted about Europe’s attempts to solve its sovereign debt problems.