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Keppel says goodbye to rig business, pivots to clean energy
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Keppel to end oil and gas rig building, turns focus to renewables 1/29/2021
Keppel O&M shipyard
Keppel Corporation 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 (Keppel O&M), to better align it to Keppelâs Vision 2030. This is part of Keppelâs strategic review of its offshore and marine (O&M) business, with the goal of creating a slimmer, and more competitive Keppel O&M that is well-placed to support the energy transition, even as Keppel continues to explore inorganic options.
Keppel positions for global energy transition, announces bold transformation of offshore & marine business
Keppel Corporation (Keppel) announced today 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 (Keppel O&M), to better align it to Keppel’s Vision 2030. This is part of Keppel’s strategic review of its offshore and marine (O&M) business, with the goal of creating a slimmer, and more competitive Keppel O&M that is well-placed to support the energy transition, even as Keppel continues to explore inorganic options.
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. Related Article Posted: 5 months ago
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.
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