Rig-building Impairments Drag Keppel to 1H Loss

(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)

Current News

Oil Edges to 2-Week High on Ukraine News

Oil Edges to 2-Week High on Uk

EMGS to Conduct CSEM Survey Offshore India

EMGS to Conduct CSEM Survey Of

Poland to Open New Areas for Offshore Wind Development in Baltic Sea

Poland to Open New Areas for O

Swedish Firm Eyes Multi-Megawatt Wave Energy Farm Off Grenada

Swedish Firm Eyes Multi-Megawa

Subscribe for OE Digital E‑News

Offshore Engineer Magazine