Keppel O&M's Net Profit Rises 11% in 1Q 2014 to $184.89M

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.


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

Our Privacy Pledge

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
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Columbia, SC
Project Manager
Expertise: Engineering Manager
Location: Atlanta, GA
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Raleigh, NC
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours