Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Keppel O&M triples revenue over five years

Keppel O&M triples revenue over five years

Singapore: Keppel Offshore & Marine Limited (Keppel O&M) has announced that it has seen a 300% increase to its revenue since its inception in 2002. The company, which celebrated its fifth anniversary on May 1, 2007, has seen group revenue increase from S$1.9bn ($1.2bn) in 2002 to S$5.7bn in 2006. The company also saw a 220% rise in attributable profit during that period to S$459m in 2006.

Last year, it secured new orders totalling S$7.3bn, which the yard has attributed to a combination of its new proprietary products in jackups and semisubmersibles and its penetration of markets such as India and Russia.

The yard is likely to see its profit trend continue with strong business through 2007. The yard is committed to build 27 jackup rigs, two mammoth deepwater semisubmersible (semis) production platforms and eight drilling semis this year. It also expects to service up to 10 major Floating Production Storage and Offloading (FPSO) vessels and construct 30 Offshore Support Vessels (OSVs) in 2007. To date, the group has a net order book of S$10 billion worth of projects, with earnings visibility extending further into 2010.

Keppel O&M ceo Choo Chiau Beng said, "The strong growth in the offshore and marine sectors is expected to remain robust over the next few years. There are increasing numbers of new entrants, while new oil and gas fields are being developed, particularly in harsher environments. National oil companies are expanding their roles. The challenges include environmental considerations, rapid development of new technologies, rising costs of infrastructure and services and a shortage of skilled manpower."  [02/05/07]

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish