Keppel O&M to Exit Rig Building Biz
Feb 1, 2021 5:19:am
Summary Keppel O&M said the move is part of the strategic review of its offshore and marine business.
by: Shardul Sharma
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Keppel O&M to Exit Rig Building Biz
Singapore-based Keppel Offshore & Marine (Keppel O&M) will exit the offshore rig building business, after completing the existing rigs under construction, it said on January 28.
“In line with the group’s more disciplined approach towards capital allocation, Keppel O&M will not undertake any new project requiring large upfront capex or without milestone payments. It will also progressively exit low value-adding repairs and other activities with low bottom line contribution, and focus on higher value-adding work,” it said.