Keppel O&M books $1.4bn in new orders year-to-date boosted by LNG, renewables

Loh Chin Hua, ceo of Keppel Corp

Keppel Offshore & Marine has booked in close to SGD1.9bn ($1.4bn) in new orders so far this year boosted by the LNG and renewables sector.

While the rigbuilding market remains in the doldrums nearly 60% of Keppel O&M’s new orders so far this have come from LNG and renewables sectors. Securing SGD1.9bn in new orders to-date the Singapore shipyard group has already exceeded the SGD1.7bn in new orders it received in the whole of last year.

Loh Chin Hua, ceo of parent Keppel Corp, commented at its half year results briefing: “In the O&M sector, the market for offshore drilling rigs remains challenging. However, we continue to seize opportunities in production and LNG assets as well as specialised vessels. Keppel O&M’s efforts to reshape its business are also bearing fruit, especially in the renewables sector.

“Among the new contracts secured are offshore wind projects worth about SGD720 million from TenneT Offshore for the design, construction and installation of two converter stations servicing offshore wind farms in the German sector of the North Sea, as well as two offshore windfarm stations from Orsted, for Taiwan,” he added.

The group’s net orderbook now stands at SGD5.5bn, its highest level since 2016.

Keppel O&M also returned to the black in H1 2019 reporting a SGD10m profit compared to an SGD40m loss in the same period a year earlier.

Posted 18 July 2019

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Marcus Hand

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Editor, Seatrade Maritime News Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with nearly two decades of experience covering the shipping industry in Asia. In addition to running Seatrade's maritime and offshore news website based from Singapore he is the Asia Editor of Seatrade Maritime Review. Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Prior to joining Seatrade at the beginning of 2010 Marcus worked for shipping industry journal Lloyd's List for a decade and previous to that the Singapore Business Times covering shipping and aviation.

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