Loh Chin Hua, chief executive officer of Keppel Corp., speaks during a news briefing in Singapore, on Thursday, July 20, 2017.
SINGAPORE: Singaporean conglomerate Keppel Corp posted a 21% drop in its quarterly profit and warned it did not expect a speedy recovery in the offshore and marine market.
The conglomerate and its smaller cross-town rival Sembcorp Marine have been hit by an oversupply of offshore oil drilling rigs, with customers delaying contracts and refraining from placing new orders with oil prices expected to stay lower for longer.
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