Rig-building Impairments Drag Keppel to 1H Loss

Aradhana Aravindan
Thursday, July 30, 2020

Singaporean conglomerate Keppel Corp reported a loss in the first half of 2020 due to impairments in its offshore and marine business that has been battered by low global oil prices.

Keppel posted a net loss of S$537 million ($390 million) for the six months to June, compared with a net profit of S$356 million a year ago.

The company, whose businesses range from property development to rig-building, said it incurred impairments of S$930 million during the period mostly related to its offshore and marine business.

The market is closely watching results for any breach of pre-conditions to state investor Temasek Holding's $3 billion offer to acquire a controlling stake in the company.

($1 = 1.3753 Singapore dollars)

 (Reporting by Aradhana Aravindan in Singapore; Editing by Edmund Blair)

Categories: Offshore Asia Rigs Singapore

Related Stories

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

MODEC and Samsung Team Up to Install Carbon Capture Tech on FPSO

ADNOC Signs 15-Year LNG Supply Deal with Osaka Gas for Ruwais Project

Japan's Mitsui Eyes Alaska LNG Project

Yinson Production Scoops $1B Investment to Upscale FPSO Business

Abu Dhabi's NMDC Group Gets $1.1B Subsea Gas Pipeline Job in Taiwan

BP to Help Boost Oil and Gas Output at India’s Largest Producing Field

CNOOC’s South China Sea Oil Field Goes On Stream

ADES’ Fourth Suspended Jack-Up Rig Gets Work Offshore Thailand

Current News

Indonesia's Medco Starts Production at Natuna Sea Fields

Indonesia Grants Approval to Kuwaiti Firm for Anambas Block in Natuna Sea

ADNOC’s XRG Partners Up with Petronas for Offshore Gas Block in Caspian Sea

Valeura Energy Greenlights Wassana Oil Field Redevelopment off Thailand

Scarborough FPU's Topsides and Hull Come Together in Major Engineering Feat (Video)

Shell-Reliance-ONGC JV Complete India’s First Offshore Decom Project

The Future of Long-Idle Drillships: Cold-Stacked or Dead-Stacked?

TMC Books Compressors Orders for FPSO and LNG Vessels

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com