Keppel O&M Posts Q1 Loss

The “very challenging conditions” of the offshore market has led to Keppel Offshore & Marine (Keppel O&M) posting a net loss for the first quarter ended 31 March 2017.

News ID: 73576

Date: 24 April 2017 - 09:17

Keppel O&M, the offshore business of Keppel Corp, reported a loss of SGD3.39m ($2.42m) for the first three months, as against the profit of SGD107.98m in the same period of last year.
Keppel O&M recorded a first quarter revenue of SGD483.39m, down 40.9% year-on-year, and an operating profit of SGD3.74m, a significant plunge compared to the operating profit of SGD110.83m in the year-ago period.
During the first quarter, Keppel O&M further reduced its global direct workforce by about 1,250 or 6% compared to the previous quarter, through natural attrition, early termination of contracts and retrenchments.
Since the start of 2015, the division has slashed global direct workforce by close to 18,000 or about 49%.
The net orderbook of Keppel O&M stood at SGD3.5bn as at 31 March 2017.