‘Creditable performance’ for Keppel Corporation

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Ship and offshore rig builder the Keppel Corporation has seen profits rise by a staggering 47% compared to the same nine-month period last year.

Between January and September, the net profit for the Singapore-headquartered company, which also has infrastructure and property divisions, was $1.6billion and the net orderbook for the Marine & Offshore sector stood at $13.1billion at the end of September with work extending to 2019.

Speaking at the release of the interim and third quarter report, Choo Chiau Beng, Chief Executive Officer, Keppel Corporation, said: “Amidst this trying global environment, Keppel Corporation has, in the first nine months of 2012, posted a creditable performance.

“We will continue to stay agile with a healthy balance sheet that will enable us to pursue the right opportunities to grow our businesses.”

In the third quarter, he said, Keppel Offshore & Marine secured $7.3billion in new orders across Brazil, Kazakhstan and Singapore and the company also remained resolved in executing its backlog of projects, while sharpening its technology edge at the same time.

Several key appointments had also been made including Michael Mia as Managing Director of the Marine Division and Wong Kok Seng as Managing Director of the Offshore Division. Chor How Jat, previously Acting Managing Director of Keppel Shipyward, has been appointed as its Managing Director.

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