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

Valaris Secures $600M in New Contracts as Backlog Rises to $4.8B

Production Restart at Australian Offshore Fields Boosts Jadestone's Oil Output

Aramco Targets Hormuz Bypass with East-West Pipeline Expansion

Aramco Third Quarter Profit Up 35% Despite War Disruptions

Eni, Petronas JV Brings Indonesian Offshore Gas Field Online

Big Oil Pockets Near-Record Profits but Spending Restraint Signals Long-Term Doubts

Seatrium Inks $390M Deal to Complete Four Offshore Rigs for Keppel’s Rigco

Oil Climbs on US Storm Threat, Saudi Attack Risks

Höegh Evi, PETROS to Develop Kuching LNG Terminal in Malaysia

XRG, ADNOC and SEFE Deepen Gas Ties in Europe

Current News

Velesto’s Jack-Up Rig Up for Drilling Job with Petronas

Tender-Assist Rigs: Southeast Asia’s Quiet Workhorses Head for Full Utilization

Aker Solutions Lands Major Role in Qatar’s Offshore Oil Field Revamp

TotalEnergies Inks 15-Year LNG Supply Deal with China's Jiangsu Guoxin

Baker Hughes Sets Up Global Network to Bolster Mature Oil and Gas Fields Production

Valaris Secures $600M in New Contracts as Backlog Rises to $4.8B

Production Restart at Australian Offshore Fields Boosts Jadestone's Oil Output

Aramco Targets Hormuz Bypass with East-West Pipeline Expansion

ADES Lands New Offshore Drilling Rig Deals in Angola and Indonesia

Shell to Exit Australia's North West Shelf Project in $1.45B Deal with XRG

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