Published:
Keppel's O&M profits sank 95% to $2.6m in Q3
Right-sizing failed to pull profits up, no thanks to low work volume.
Keppel's offshore and marine (O&M) division is still stuck in the doldrums after a 95% YoY drop in operating profits to $2.6m in Q3.
According to UOB Kay Hian, the business continued to suffer from low work volume.
Keppel O&M has already completed right-sizing efforts, but it does not expect a "V-shaped recovery."
Orderbook hit $3.4b, with over $1b of new contracts secured YTD.
Client TS Offshore has deferred delivery from 2017 to 2019.
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