Keppel's 1H Net Profit Down 47%

Keppel Corporation posted a 47 percent year-on year decline in net profit for 1H 2013 to $535 million (SGD 677 million), citing a sluggish global economy for the lackluster performance, while its Offshore and Marine segment recorded a fall of 8 percent to $351 million (SGD 445 million).

Keppel Offshore & Marine (Keppel O&M) recorded a 13 percent fall in revenue for 1H 2013 to $2.78 billion (SGD 3.52 billion), compared to $3.178 billion (SGD 4.028 billion) a year ago, Keppel Corp said in a press release.

Keppel O&M has secured $2.76 billion (SGD 3.5 billion) worth of new contracts in the year to date, with net orderbook at $10.3 billion (SGD 13.1 billion) as at June 30.

"The (oil and gas) industry fundamentals remain sound, backed by rising energy demand from emerging countries as well as depletion in existing oil fields. On the other hand, mounting competition from Korean and Chinese yards continues to suppress prices and margins for newbuild rigs," Keppel Corporation CEO Choo Chiau Beng said in the press release.

"We continue to see encouraging demand from various quarters of the world including Mexico, Asia-Pacific and the North Sea," Choo said.

Keppel FELS has delivered 13 out of 22 rigs scheduled for this year.

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