Is Keppel Corp still an offshore and marine stock?

FOR decades now, Keppel Corporation has been widely recognised as a household name in the offshore and marine industry and the world's No1 rigbuilder.

But that longstanding perception appears to be changing quite quickly as the fortunes of the group's two key businesses waxed and waned.

At one end of the scale, the ongoing downturn in the oil and gas market has hit the group's offshore and marine business, Keppel Offshore & Marine (Keppel O&M), which has been grappling with cancellations and deferments amid a drought for new rig orders.

At the other extreme, Keppel's property business has been growing from strength to strength.

Keppel Land today is a key and major driver of the group's overall earnings, eclipsing that of…