SINGAPORE, July 28 (Reuters)– Singapore’s gear building contractor Sembcorp Marine Ltd’s second-quarter revenue dropped 90 percent, as the extended recession in the oil markets struck orders and motivated consumers to postpone their tasks.

Sembcorp uploaded a revenue of S$ 11 million ($ 8.15 million), for the 3 months finished June, compared to a revenue of S$ 109 million a year earlier.

The firm, majority-owned by commercial corporation Sembcorp Industries Ltd, uploaded earnings of S$ 908 million– a decrease of regarding 25 percent from previous year.

The firm claimed its revenue was likewise affected by forex translation, greater money prices, problems of available-for-sale economic possessions and share of losses from partners.

“We expect conditions in the offshore oil and gas sector to remain challenging in the short-to-medium term,” claimed Chief Executive Officer Wong Weng Sun.

SembMarine and its bigger opponent Keppel Corp have actually been struck by the 60 percent decrease in oil costs considering that mid-2014.

SembMarine’s web order stood at S$ 9.2 billion versus S$ 9.7 billion in the coming before 3 months.

Excluding the orders for drillships from gear leaser Sete Brasil, which has actually declared insolvency defense, SembMarine’s stockpile of web order stood at S$ 6 billion.

“Several rigs due for delivery in our order book have been deferred. We are in discussions with customers to progress these contracts,” the firm claimed in a discussion.

The firm anticipates complete capex for 2016 to be much less than half that of the previous year. It reduces its acting returns to 1.5 Singapore cents a share, compared to 4 Singapore cents a year earlier.

($ 1 = 1.3503 Singapore bucks) (Reporting by Aradhana Aravindan and Marius Zaharia; Editing by Sherry Jacob-Phillips)