Singapore-based conglomerate Keppel's second-quarter net profit fell 2 percent to S$396.7 million ($290.2 million) from a year earlier, weighed down by weak performance in the offshore and marine unit. Keppel, one of the world's largest offshore rig builders, also has business interest in real estate and infrastructure. The weakness in oil market over the past year has been weighing on the rig building business globally. Keppel posted revenue of S$2.6 billion for the quarter ended June 30, down 19 percent from a year earlier, and a net profit of S$756.9 million for the first half of the year. That was slightly short of half of a mean estimate for the full year at S$1.59 billion, based on 21 analysts polled by Thomson Reuters.
Keppel Offshore & Marine has won two contracts worth $48.7million. The company’s subsidiary, Keppel Singmarine, will carry out work with Seaways to build a multi-task Anchor Handling Tug (AHT) vessel suitable for a number of offshore activities. It will also complete work for N-KOM (Nakilat-Keppel Offshore & Marine), a joint venture shipyard in Qatar, to provide technical services for the construction of a liftboat.