Keppel Q1 Profit hit by Offshore, Marine Segment

Singapore conglomerate Keppel Corp posted a 41 percent fall in quarterly profit, its fourth straight decline, as offshore and marine segment revenue slumped because of the deferment of some projects and suspension of contracts related to Sete Brasil.

Keppel, one of the world's largest builders of offshore drilling rigs, has been hit by the 60 percent drop in oil prices since mid-2014. Its businesses include property development and infrastructure.

Keppel posted net profit of S$211 million ($156 million) for the three months to March 31.

Reporting By Aradhana Aravindan