Singapore's Keppel Corp to exit oil rig building, focus on infra after 2020 loss

Photo: Keppel

Singaporean conglomerate Keppel Corp said on Thursday its struggling offshore and marine (O&M) segment will exit the rig-building business and shift its focus to infrastructure projects, including renewable energy.

Keppel and its smaller rival Sembcorp Marine were among the world’s biggest oil rig-builders, but prolonged low oil prices and an oversupply of rigs have hit the business hard.

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