Keppel Corporation's offshore and marine subsidiary (Keppel O&M) recorded net profit of $184.89 million (SGD 231 million) for the first quarter of 2014, 11 percent higher than last year's $166.48 milion (SGD 208 million), while revenue rose 13 percent in the corresponding period to $1.535 billion (SGD 1.919 billion) amid a higher volume of work and revenue recognition on some jobs, according to financial results released by the company Wednesday.
The offshore and marine segment accounted for 64 percent of Keppel's total revenue of $2.397 billion (SGD 2.996 billion) in 1Q 2014, compared to 62 percent in the previous year, while Keppel O&M provided 68 percent of the firm's total net profit.
In the first quarter of 2014, Keppel O&M bagged $1.52 billion (SGD 1.9 billion) worth of new contracts, boosting the company's net orderbook to around $11.52 billion (SGD 14.4 billion) as at March 31. The new orders comprised five jackups, one floating production, storage and offloading (FPSO) turret fabrication and 5 specialized vessels.
"The Offshore & Marine Division ... remains positive about job prospects with sustained global demand for oil and gas," Keppel's Chief Financial Officer Chan Hon Chew said at the presentation on the company's 1Q 2014 financial performance.
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