Keppel Limited

[Big Toe]

Keppel Q3 net profit down 38.1%, 3,080 jobs cut

Quote from the ST article
"Chief executive Loh Chin Hua told a briefing yesterday the voluntary pay cuts are a "show of solidarity" by senior management. He said those from Keppel Offshore & Marine (Keppel O&M) as well as the most senior officers in the group will likely take the biggest hit but did not disclose the size of the cuts. In addition, lower directors' fees for 2016 will be proposed at next year's annual general meeting."

Hahaha, Very much amused by how the senior management is showing solidarity by taking a portion off their sizable compensation. It is a nice gesture but much like how sad it is that John Stumpf had to step down as CEO with a retirement compensation package at over USD100M.

When times are bad, small business owners are working everyday getting only 2-5 hours of sleep, digging into their own pockets and pockets of friends/family to keep the business alive. Sometimes I wonder if it is really worthwhile for them to keep the business alive. Then I figured the struggles would make them a better person overall. Come to think of it, I am idling too much and ought to take this slow-down to start something new, to start a new struggle.

[pianist]

What new things are u looking?

[cyclone]

Keppel Land and Metland to jointly develop landed homes in Greater Jakarta

Keppel Corporation Limited wishes to inform that PT. Sukses Manis Indonesia ("SMI"), a wholly owned subsidiary of Keppel Land Limited, has today entered into an agreement to jointly develop landed homes on a 12 ha site in Tangerang, Greater Jakarta, with PT. Metropolitan Permata Development ("MPD"), a subsidiary of PT Metropolitan Land Tbk. The stakeholding  of SMI and MPD in the joint development will be 50% and 50% respectively.

SMI’s total consideration for the 50% stake will be about Rp 250 billion (approximately S$26.0 million). The joint development will comprise of about 450 landed homes.

[weijian]

It's quite surprising that the guarantor is willing to pay for the rig, or could it be that Keppel FELS had been cautious enough to establish the appropriate safeguards during the boom days of past? Tough luck for SCM so far.

KEPPEL FELS SIGNS SETTLEMENT AGREEMENT AND SALE CONTRACT

http://infopub.sgx.com/FileOpen/KCL%20-%...eID=434535

http://www.offshoreenergytoday.com/keppe...ay-for-it/

[weijian]

Keppel awarded contract to build Singapore’s fourth desalination plant

Keppel Corporation Limited (the “Company” or “KCL”) wishes to inform that its wholly owned subsidiary Keppel Infrastructure Holdings Pte Ltd (“Keppel Infrastructure”), has today, through Marina East Water Pte. Ltd., in turn a wholly-owned subsidiary of Keppel Infrastructure, signed a 25-year Water Purchase Agreement with PUB, the national water agency, for Singapore’s fourth desalination plant.

http://infopub.sgx.com/FileOpen/KCL%20-%...eID=436440

[cyclone]

Keppel Corporation Limited FY2016 Results Highlight:
1. FY 2016 net profit was S$784 million, down 49% from S$1,525 million for FY 2015, due largely to

• Lower contributions from the Offshore & Marine Division
  
• Additional provisions for impairment of S$336 million, mainly arising from rightsizing of Keppel Offshore & Marine and impairments of investments and work-in-progress
  

2. 4Q 2016 net profit of S$143 million, after additional provisions for impairment of S$313 million, was down 65% from S$405 million a year ago.
3. Earnings per Share was 43.2 cents, down 49% from 84.0 cents a year ago.
4. Proposed final dividend of 12.0 cents per share; total dividend of 20.0 cents per share for FY 2016.
5. Cash inflow of S$576 million, compared to cash outflow of S$694 million a year ago.
6. Net gearing was 0.56x as at end-Dec, compared to 0.57x as at end-Sep.
7. Return on Equity was 6.9%, compared to 14.2% a year ago.
8. FY 2016 Economic Value Added was negative S$140 million, compared to S$648 million a year ago.

More details in http://infopub.sgx.com/FileOpen/KCL%204Q...eID=437306

[Behappyalways]

World's top rig builder Keppel says no rescue in sight for offshore oil services
http://www.cnbc.com/2017/04/20/keppel-sa...-away.html

[cyclone]

Keppel signs Heads of Agreement with Pavilion Energy and PLN to explore LNG solutions for Indonesia

Keppel Offshore & Marine Limited (Keppel O&M) has entered into a Heads of Agreement (HOA) with Pavilion Energy and Indonesia state-owned PT Perusahaan Listrik Negara (PLN) to explore opportunities in the development of small-scale Liquefied Natural Gas (LNG) distribution in West Indonesia. The signing of the agreement took place at the Singapore-Indonesia Leaders’ Retreat in Singapore.

More details in http://infopub.sgx.com/FileOpen/MR%20-%2...eID=469842

[weijian]

The assets are coming from KBS Reality and Keppel Capital seems like some sort of "middleman" to introduce them to capital in this part of the world? Would be a new model that helps to open up more opportunities to get AUM.

Keppel Corp confirms news of joint efforts with KBS to list US commercial Reit

KEPPEL Corporation confirmed that efforts are ongoing to carry out an initial public offering and listing of a US commercial real estate investment trust (Reit) on the Singapore bourse.

This Reit will be jointly sponsored by its asset-management arm, Keppel Capital, and KBS Pacific Advisors Pte Ltd, it said on Thursday in response to an article in The Business Times on the planned listing. "A listing application to the SGX-ST and various applications to the Monetary Authority of Singapore have been submitted in connection with the IPO and these applications are currently under review," it added. "The details of the terms of the IPO are still being finalised and the proposed establishment and listing of the Reit will be subject to, among other things, market conditions, the relevant regulatory and other approvals being obtained and the execution of definitive agreements by the relevant parties."

An initial portfolio of 11 office assets will be injected into the Reit by a fund managed by KBS Capital Advisors LLC.

http://www.businesstimes.com.sg/companie...rcial-reit

[WH Cheng]

The assets are coming from KBS Reality and Keppel Capital seems like some sort of "middleman" to introduce them to capital in this part of the world? Would be a new model that helps to open up more opportunities to get AUM.

Keppel Corp confirms news of joint efforts with KBS to list US commercial Reit

KEPPEL Corporation confirmed that efforts are ongoing to carry out an initial public offering and listing of a US commercial real estate investment trust (Reit) on the Singapore bourse.

This Reit will be jointly sponsored by its asset-management arm, Keppel Capital, and KBS Pacific Advisors Pte Ltd, it said on Thursday in response to an article in The Business Times on the planned listing. "A listing application to the SGX-ST and various applications to the Monetary Authority of Singapore have been submitted in connection with the IPO and these applications are currently under review," it added. "The details of the terms of the IPO are still being finalised and the proposed establishment and listing of the Reit will be subject to, among other things, market conditions, the relevant regulatory and other approvals being obtained and the execution of definitive agreements by the relevant parties."

An initial portfolio of 11 office assets will be injected into the Reit by a fund managed by KBS Capital Advisors LLC.

http://www.businesstimes.com.sg/companie...rcial-reit

Starting with 11 office assets,... more than Manulife's number when Manulife first listed last year,... even more than what Manulife has today after two acquisitions since listing !

When will the prospectus be lodged inside OPERA ? Estimated date ?