|Bid||5.35 x 0|
|Ask||5.37 x 0|
|Day's Range||5.30 - 5.37|
|52 Week Range||4.08 - 6.30|
|Beta (5Y Monthly)||1.04|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jul 28, 2021 - Aug 02, 2021|
|Forward Dividend & Yield||0.10 (1.89%)|
|Ex-Dividend Date||Apr 29, 2021|
|1y Target Est||8.23|
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. The O&M business will focus on design, engineering and procurement.
Keppel has secured a contract from a repeat customer worth around $75 million.
Shares in Singapore's Keppel Corp fell 13% on Tuesday after Temasek Holdings abandoned its $3 billion offer for the conglomerate by invoking a material adverse change clause following the company's poor financial results. Keppel's large second-quarter loss that breached a threshold in the state investor's offer to buy majority control had boosted the risk Temasek would abandon the deal. "It was a surprise, as my base case was that Temasek would have proceeded, but with a lower offer price," said KGI Securities analyst Joel Ng.