Keppel: No V-shape recovery for rig business. Focus on FPSOs in short-term

 

Offshore rig builder Keppel is seeing signs of improvement in the offshore and marine (O&M) business, however, the company is cautious with its optimism, leaning more towards floating production systems rather than towards drilling rigs.

Loh Chin Hua, CEO of Keppel Corporation said: “Notwithstanding the recent volatility in oil prices, there is growing optimism in the O&M sector, with more projects sanctioned at oil prices of between US$55 and US$65 a barrel.

Keppel’s Offshore & Marine (O&M) Division reported a net loss of S$109 million for FY 2018, an improvement of 87% over the net loss of S$826 million for FY 2017.

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