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Keppel to review offshore & marine business amid challenging environment

September 29, 2020

Singapore’s conglomerate Keppel Corporation has decided to review its offshore & marine business as part of its overall strategy and roadmap amid the sector’s challenging environment.

In an update on Tuesday Keppel noted it regularly reviews its portfolio of assets.

As part of its asset-light business model, Keppel has identified assets with a total carrying value of approximately S$17.5 billion based on the group’s balance sheet as at 30 June 2020 that can potentially be monetised over time and channelled towards growth initiatives.

These assets include the group’s landbank which is held at historical cost, development projects, investment properties, assets being developed and stabilised for monetisation through Keppel-managed or third party platforms, various funds and investments, as well as non-core assets such as Keppel Offshore & Marine’s (Keppel O&M) oil rigs.

However, the company said they do not include Keppel’s key business platforms, fixed assets such as Keppel O&M’s yards, or some of the units that the group holds in real estate or other investment trusts where holding of these units aligns Keppel’s interest as the investment managers, with that of the unitholders.

Dr Lee Boon Yang, Chairman of Keppel Corporation, said: “With a sharpened business focus and an asset-light model, we are taking a disciplined approach to capital allocation, to allocate more capital to our growth platforms and unlock value from more integration and synergies within the group, while continuing to recycle capital to enhance the group’s overall return”.

Concurrently, the company will start a strategic review of its offshore & marine business amid the sector’s challenging environment, exploring both organic and inorganic options.

Organic options include reviewing the strategy and business model of Keppel O&M, assessing its current capacity and global network of yards and restructuring to seek opportunities as a developer of renewable energy assets; while inorganic options would range from strategic mergers to disposal.

Loh Chin Hua, CEO of Keppel Corporation said: “The financial discipline that Vision 2030 instils has led us to conduct a strategic review of our logistics business, and now, the offshore & marine business.

“We are working with the Board and management of Keppel O&M to explore both organic and inorganic options for this business with the aim of maximising long-term shareholder value”.

The post Keppel to review offshore & marine business amid challenging environment appeared first on Offshore Energy.