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No cancellation or withdrawal of rig orders: Keppel Corp

Friday, January 23, 2015 - 15:27
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While there are headwinds in the global oil and gas industry, marine conglomerate Keppel Corp has not seen any withdrawal or cancellation of rig orders, chief executive officer Loh Chin Hua said on Friday.

WHILE there are headwinds in the global oil and gas industry, marine conglomerate Keppel Corp has not seen any withdrawal or cancellation of rig orders, chief executive officer Loh Chin Hua said on Friday.

"There are headwinds, but so far, we are ok,'' Mr Loh said at a briefing with analysts and the media.

Chow Yew Yuen, CEO of Keppel Offshore & Marine, added that the company has not received any requests to re-negotiate payments. But there have been a few requests to delay the delivery of two projects.

On the sharp drop in global oil prices, Mr Chow does not believe oil prices will continue to stay at current levels, but instead will move to a level that will allow supply and demand to reach an equilibrium.

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