Offshore staff
(Asia-Pacific) - Singapore's Keppel Corp. says its revenue rose by 42.3% year-on-year to $2.35 billion for the January - September 2005 period while pre-tax profits rose by 27.3% to S$606.39 million, due largely to increased workload at Offshore & Marine, which more than offset the decline in contribution from Infrastructure and other businesses.
Keppel's revenue for the 3Q 2005 surged by 70.3% to $979.7 million, and pre-tax profit went up by 15.4% to $117.1 million.
Offshore & Marine secured $1.1 billion worth of contracts, increasing the total value of contracts for the 9 months to $3.7 billion. In fact, this exceeds the total value of contracts clinched in the last 3 years, reflecting the continued strength in the offshore market, says Keppel in its third quarter financial report.
Offshore & Marine further augmented its orderbook in the quarter by $708.2 million, bringing the net orderbook to almost $4.7 billion.
This hefty orderbook would sustain Offshore & Marine's earnings growth and keep the yards busy into 2009.
Keppel remains the market leader in the jackup market, securing more than 60% of the total number of jackup orders in this year. It has also secured a substantial share of the world orders for semisubmersibles.
"Job inquiries remain healthy with potential for more contracts to be secured," it says.
10/25/05
