Shares of rig builder Sembcorp Marine (SCMN.SI) fell as much as 5.4% on Friday after a broker published a research note that said the firm was likely end up empty handed in the battle to build rigs for Brazilian oil firm Petrobras. 

At 0638 GMT, Sembcorp Marine shares were down 4.2% at $4.82 on a volume of 13.9 million shares.

UOB Kay Hian said local Brazilian yard EAS submitted the lowest bid to build nine rigs for Petrobras, but Keppel Corp (KPLM.SI) still had a good chance of getting work as three contractors intend to use Keppel’s Brazilian shipyard.

But “Sembcorp Marine appears to be out of the game,” the broking house said.