Keppel launches major revamp, review of offshore and marine business

SINGAPORE: Singaporean conglomerate Keppel Corp said on Tuesday it had identified assets worth S$17.5 billion that could potentially be monetised, including through sales, and started a review of its lossmaking offshore and marine business.

Analysts have long hoped for a consolidation in the rig-building sector through a deal between Keppel's O&M business and smaller rival Sembcorp Marine. Anticipation of a deal strengthened in June, when Temasek backed a S$2.1 billion rights issue by Sembcorp Marine.

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