Singapore: Singapore shipbuilder and property developer Keppel Corp has announced second quarter net profits up 43% at S$239.8m. The result, higher than analyst expectations, boosted half-year earnings to S$445.98m - up 31% on the equivalent period last year - on revenues up 39% at S$3.19bn.
Main factor has been the surge in rig orders to support a new wave of offshore oil exploration triggered by high oil prices. For instance, in June it won a $182m order from Great Eastern Shipping Co - its fourth rig order from India in just six months. Keppel's backlog of rig orders totalled US$6.4bn at the end of June and represented around 40% of the world orderbook.
Financial performance was also boosted by a 54% increase in net profits at affiliate Keppel Land, and 33.5% at Singapore Petroleum Co.
Meanwhile, a landmark event occurred during the half when Keppel Offshore and Marine signed an agreement with Qatar Gas Transport Company in March to jointly develop and manage the new shipyard planned for the Port of Ras Laffan in Qatar, intended for the repair and maintenance of very large LNG carriers as well as the construction of specialised small vessels and FPSO/FSO conversions. [27/07/06]
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