LogIn LogOut

Rig-building Impairments Drag Keppel to 1H Loss

July 30, 2020

(File Photo: Keppel)
(File Photo: Keppel)

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


Current News

Inside OPEC, Views are Growing That Oil's Rally Could be Prolonged

Inside OPEC, Views are Growing That Oil's Rally Could be Prolonged

Energean Expects First Gas from Karish Offshore Field by Q3

Energean Expects First Gas from Karish Offshore Field by Q3

Oil Prices Climb to Highest Since 2014

Oil Prices Climb to Highest Since 2014

UAE Energy Minister: World Needs to Invest $3 trln-plus in Renewables in 10 years

UAE Energy Minister: World Needs to Invest $3 trln-plus in Renewables in 10 years

Inpex to Drill for Gas Offshore Japan

Inpex to Drill for Gas Offshore Japan

PetroChina Tops Singapore's List of 2021 Bunker Fuel Suppliers

PetroChina Tops Singapore's List of 2021 Bunker Fuel Suppliers

Vietnam Firm Launches $220M Offshore Wind Farm

Vietnam Firm Launches $220M Offshore Wind Farm
photo

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