Singapore's Keppel Corp delivered a strong set of results in the first quarter due to higher volume of work from its offshore and marine division, Seatrade Asia online reports. The world's largest oil rig builder saw net profit for the quarter ended 31 March 2012 surged 141% to S$750.77m ($600.21m) compared to S$311.5m in the corresponding period of 2011.
Revenue jumped to S$4.27bn, an increase of 86.4% from S$2.29bn a year earlier.
During the quarter, the offshore and marine division completed and delivered one semi-submersible rig, one drillship outfitting, and several upgrade/repair contracts. The division secured S$688m of new orders in the quarter with net orderbook of S$8.4bn with deliveries extending into 2015.
“The division continues to see good prospects for the offshore and marine industry with the projected increase in exploration and production expenditure in the next few years and rising dayrates and utilisation rates for rigs,” Singapore-listed Keppel Corp said.
Revenue jumped to S$4.27bn, an increase of 86.4% from S$2.29bn a year earlier.
During the quarter, the offshore and marine division completed and delivered one semi-submersible rig, one drillship outfitting, and several upgrade/repair contracts. The division secured S$688m of new orders in the quarter with net orderbook of S$8.4bn with deliveries extending into 2015.
“The division continues to see good prospects for the offshore and marine industry with the projected increase in exploration and production expenditure in the next few years and rising dayrates and utilisation rates for rigs,” Singapore-listed Keppel Corp said.