Keppel Offshore & Marine, one of the world’s largest rig builders and repair yard groups, plans to exit offshore rig building and low-value adding ship repairs as part of a major restructuring designed to return it to profitability.

Loh Chin Hua, chief executive of parent Keppel Corp, revealed on Thursday that an “organic restructuring” was being put into place that would “create a nimble industry leader that is well-positioned for the global energy transition”.