Revenue and order book went up for Keppel Corporation in the first three quarters of the year. The group is well underway with a long-term asset divestment.
Singapore has been a consistent recipient of Chinese investment for some time, and its geostrategic position as the heart of the ASEAN free trade bloc has made it a hub for many Chinese investors.
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Keppel’s Exit Of Rig Business May Have Bigger Implications For Singapore’s Offshore And Marine Sector
On Jan 28, the world’s largest rig-builder, Singapore-based Keppel Corporation surprised industry players and observers when it announced exiting away from its rig business to pivot to clean energy.
As a result of a long-awaited strategic review, Keppel’s chief executive Loh Chin Hua revealed in the group’s results briefing on Jan 28 that the group will transform its offshore and marine (O&M) unit into “a nimble, asset-light and people-light Operating Company (Op Co)”.
However, Keppel Corp’s decision to withdraw gracefully from the oil and gas sector shouldn’t have come as a great surprise to anyone.
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Commentary: Keppel’s exit of rig business may have bigger implications for Singapore s offshore and marine sector
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Commentary: Keppel’s exit of rig business may have bigger implications for Singapore s offshore and marine sector The world’s largest rig-builder’s decision shouldn’t come as a surprise though, says David Kuo, as the sun has been slowly setting on a shrinking oil and gas industry.
A worker passes a vessel modified and upgraded by Keppel Shipyard. (File photo: Reuters)