Rigs out, green in for Keppel and Sembcorp
Their multi-business strategies will now be put to the test like never before
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THEY were two of the world's largest offshore rig builders. But following the historic oil crash last year, Sembcorp Industries and Keppel Corp have decided they want little to do with the beaten-down offshore and marine (O&M) business.
It is hard to find fault with their big shift except that in hindsight they should have let go much earlier.
Keppel swung into the red - to the tune of S$506 million - in FY2020. This was its biggest loss in more than two decades. Sembcorp is set to issue its full-year report card in two weeks, and is expected to incur its first loss in two decades.
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