Keppel has announced that it is restructuring its Offshore & Marine (O&M) business so it will be well-placed to support the energy transition.
In a statement issued yesterday (28 January), Keppel said that the company will be restructured into three parts, separating construction and ownership of legacy drilling rig assets from its core yard operations which will also become slimmer, asset-light and people-light.
As part of its stance on combating climate change, Keppel O&M will exit the offshore rig building business, after completing the existing rigs under construction. In addition, Keppel O&M will not undertake any new project requiring large upfront capex or without milestone payments.
The three parts of the business will be: Rig …
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