Keppel to exit offshore rig building to position for energy transition
A Keppel shipyard; Source: Keppel
Singapore’s conglomerate Keppel Corporation has revealed that its struggling Keppel Offshore & Marine unit will exit the offshore rig building business as the company positions for the global energy transition.
Keppel started a review of its offshore & marine business as part of its overall strategy and roadmap amid the sector’s challenging environment back in late September 2020.
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In an update on Thursday, the company announced that, amidst the global energy transition and major disruptions facing the oil industry, the company will carry out a comprehensive transformation of its wholly-owned subsidiary, Keppel Offshore & Marine, to better align it to Keppel’s Vision 2030.