Keppel Offshore and Marine sees higher profit in Q1

Keppel O&M, an arm of Singapore's Keppel Corp, registered a profit of SGD230.34m ($184.26m) in the quarter ended 31 March 2014, up 10.86% from SGD207.78m in the same period of last year.

Revenue also rose 12.9% year-on-year to SGD1.92bn due largely to higher revenue recognition from ongoing projects. Major jobs completed and delivered during the quarter included a jack-up rig and an FPSO upgrade.

Keppel O&M announced that it secured SGD1.9bn of new orders in the first quarter. Its net orderbook stood at a record high of SGD14.4bn with deliveries extending into 2018.

“The division remains positive about job prospects with sustained global demand for oil and gas,” Keppel Corp said in the results statement.

Keppel O&M was the largest contributor to group net profit with 68% share, followed by the property division and the infrastructure division.