Keppel Corp posts 6.4% rise in Q1 earnings

Singapore

CONGLOMERATE Keppel Corp will shift the focus for its offshore business to areas beyond drilling as rig orders dry up, it said on Thursday after the group reported a rise in first-quarter net profit.

A couple of customers have asked to defer rig deliveries and KepCorp is also considering slowing down rig construction for its major customer Sete Brasil until Sete can secure long-term financing for its projects, it added.

Group chief executive Loh Chin Hua said in a Singapore Exchange (SGX) filing on Thursday that the offshore industry has sunk "deeper into the doldrums" amidst an ongoing crude oil slump. "Across the board, not a single drilling rig order has been placed since the start of this year, an…