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Keppel splits offshore business in two and bets on green solutions

Singapore-based yard group Keppel Offshore & Marine, one of the world's biggest suppliers of oil rigs, wants to divest its rig business and instead focus on construction of infrastructure and assets in renewable energy.

Edgar Su/Reuters/Ritzau Scanpix

Major yard group Keppel Offshore & Marine, which has in recent years been under severe pressure from a weak offshore market for oil extraction, is now completely overhauling its offshore business.

Singapore-based Keppel O&M will thus be restructured and split into three parts, with the legacy business area of newbuild activity and oil rig ownership being placed in two separate units, Rig Co. and Development Co., writes Keppel in a press release.

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