Keppel O&M Posts Net Profit of $211M for 4Q 2013, Up 27% YOY

Keppel Corporation's offshore and marine unit (Keppel O&M) posted net profit of $211.16 million (SGD 270 million) for fourth quarter of 2013, up 27 percent from the previous year's $165.8 milion (SGD 212 million), while revenue increased 21 percent in the same period to $1.62 billion (SGD 2.07 billion) due to new jobs and deliveries, according to financial results released by the company Thursday.

The offshore and marine segment contributed $5.58 billion (SGD 7.13 billion), or 58 percent of Keppel's revenue in 2013, 11 percent lower than in 2012, while net profit fell marginally during the corresponding period to $727.45 million (SGD 930 million), down 1 percent from a year earlier.

Keppel O&M clinched $5.48 billion (SGD 7 billion) worth of new contracts in 2013, with the net orderbook standing at about $11.1 billion (SGD 14.2 billion) as at Dec. 31, 2013. For 4Q 2013, Keppel O&M secured $1.64 billion (SGD 2.1 billion) of new orders, comprising 7 jackups and 3 floating production, storage and offloading (FPSO) conversion/upgrades.

The Singapore contractor managed to deliver a record 22 rigs last year, which the firm said it achieved through investment in new technology and equipment, optimization of its building processes, as well as leveraging on the firm's satellite yards in the region.

"Our decision to proceed with the construction of the new Keppel Can Do drillship ... is a step towards meeting the needs in the industry for vessels capable of performing development and completion drilling in addition to exploration drilling," Keppel's CEO Loh Chin Hua said in a press release as the company attempts to differentiate itself from the competition.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Chee Yew Cheang
APAC Editor | Rigzone
 -  Malaysia's InvestKL Woos Top Oil, Gas ... (Oct 6)
 -  Petrobangla Invites EOIs for 3 Offshor... (Sep 30)
 -  Malaysia's SapuraKencana Posts 7.1% Ga... (Sep 29)
 -  TH Heavy Engineering, McDermott End Pa... (Sep 26)
 -  Singapore's NUS Slowly Builds its Petr... (Sep 26)


Most Popular Articles

From the Career Center
Jobs that may interest you
US Conroe: Accountant - Sr. Accountant
Expertise: Accounting|Financial Analyst
Location: Conroe, TX
 
Senior Accounting Analyst Job
Expertise: Accounting|Budget / Cost Control|Financial Analyst
Location: Minneapolis, MN
 
Compliance Analyst Job
Expertise: Accounting|Energy / Commodity Trading|Financial Analyst
Location: Denver, CO
 
search for more jobs

Natural Gas : $3.64/MMBtu 0.27%
Brent Crude Oil : $53.93/BBL 1.83%
Light Crude Oil : $50.93/BBL 1.66%
Updated in last 24 hours