keppel shipyard

Keppel Posts Huge First Half Loss on Rig Building Impairments

Reuters
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July 30, 2020

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SINGAPORE, July 30 (Reuters) – Singaporean conglomerate Keppel Corp reported a loss in the first half of 2020 due to impairments in its offshore and marine business that has been battered by low global oil prices.

Keppel posted a net loss of S$537 million ($390 million) for the six months to June, compared with a net profit of S$356 million a year ago.

The company, whose businesses range from property development to rig-building, said it incurred impairments of S$930 million during the period mostly related to its offshore and marine business.

The market is closely watching results for any breach of pre-conditions to state investor Temasek Holding’s $3 billion offer to acquire a controlling stake in the company.

($1 = 1.3753 Singapore dollars) (Reporting by Aradhana Aravindan in Singapore; Editing by Edmund Blair)

(c) Copyright Thomson Reuters 2020.

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