Keppel reports USD 390 million loss in first half-year

Singapore's Keppel shipyard lost USD 390 million in the first half of 2020 mainly due to impairments in offshore and marine. Management will take a base pay cut to help rightsize Keppel's Offshore and Marine business.

Photo: PR / Keppel

Just a few days ago, Singapore's shipyard group Keppel issued a statement to its shareholders prior to the publication of its interim report, warning of major losses in its marine and offshore business.

Today, the company published its interim report, in which it became evident that Keppel books a net loss of SGD 537 million (USD 390 million) for the first half of the year, compared to a net profit of SGD 356 million in the first half-year of 2019.

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