Smallest profit for Singapore’s Keppel in a decade

SINGAPORE: Singapore’s Keppel Corp Ltd posted its smallest annual profit in a decade, dented by a lack of orders at its key rig-building business and provisions for impairments, and cautioned that oversupply would continue to drag on the offshore business.

The city-state’s offshore and marine industry has been pummelled as clients cut spending to weather a slide in oil prices, hurting Keppel and cross-town rival Sembcorp Marine and forcing them to cut workforce by thousands.