Chart of the Day: Rig builders in distress as order wins sink to six-year low

Total orders will be at a mere $5b this year.

As oil prices drop to record lows, new ship orders have become few and far between for Singapore's two largest rig builders.

This chart from DBS shows that total order wins for Keppel and Sembcorp will amount to just $5b this year, the lowest since $2.9b during the Global Financial Crisis.

This is also markedly lower than the 10-year average of $9bn.

“Slower contract wins will lead to a declining orderbook in the next two years and affect earnings from 2H16 onwards. We expect new contracts to come from production platforms such as FPSOs, FLNG vessels, specialised vessels (for instance, pipelay vessels, semi-submersible accommodation vessels and semisubmersible crane vessels),” DBS said.

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