Keppel Corp said it is happy to have swapped the volatile earnings of the offshore and marine (O&M) business for a steady stream of income from its spun-off rigs.

The company is transforming itself into a global asset manager under its Vision 2030 initiative, which has a target to monetise assets worth SGD 5bn ($3.75bn) by the end of this year.

The former offshore giant revealed in a regulatory filing earlier this week that earnings from the O&M business had been very volatile in recent years.