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Singapore's Keppel posts lower Q2 profit

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LNG Industry,

Reuters are reporting that Singaporean conglomerate Keppel Corporation has posted a 21% drop in its quarterly profit and warned it did not expect a speedy recovery in the offshore and marine market.

Keppel – which got most of its earnings from its property division in the quarter – reported a net profit of S$161 million for the three months ended June, versus S$205 million a year ago.

Keppel has outlined the LNG market as a focus area as it tries to boost O&M returns.

The company is betting on expectations that demand will grow for the fossil fuel, which is cleaner than oil or coal and is also versatile, with potential uses ranging from power generation to heating and as a transport fuel.

This year Keppel is on track to deliver the world's first conversion of a ship into a floating liquefaction vessel to Golar LNG and is building small-scale LNG carriers. It has a joint venture with Royal Dutch Shell to supply LNG bunkering operations services in Singapore.

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