Keppel Offshore and Marine is bracing for a tough winter as its revenue and profit for the first half were dented by lower activity.
The Singapore-listed company reported net profit of $156m from January to June, which was $220m lower than that of the corresponding period.
Lower operating results arising from smaller revenue contributed to this decline, the company explained.
Loh Chin Hua, chief executive of Keppel Corp, said in a statement: “Given the oversupply in the rig market and falling day rates, we do not expect demand for drilling rigs to return soon.
“Our
