Keppel Limited

[Bibi]

Can they sue Keppel for lying throughout the accusation ?

If they can and win the case, then can spore kepcorp investors do the same

[weijian]

Pretty long delivery date and roadside sources believe it to be a good deal for the customer (of course, they are ordering from a position of strength now)

Keppel to build mid-water harsh environment rig worth US$425million

http://infopub.sgx.com/FileOpen/MR_Keppe...worth%20US$425mill_11032018.ashx?App=Announcement&FileID=492415

[cyclone]

Keppel FELS closes deal to sell five existing rigs to Borr Drilling for approximately US$745m

Keppel Corporation Limited refers to its media release dated 16 May 2018 that Keppel FELS Limited, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd, had entered into a Master Agreement with Borr Drilling Limited for the proposed sale of five existing jackup rigs.

The Company wishes to announce that the Master Agreement has become effective, and that Keppel FELS has signed the relevant definitive sale and purchase agreements with Borr Drilling for the sale of five jackup rigs for a total value of approximately US$745m.

Of the five rigs, two were originally built for Grupo R (being the Cantarell V and Paraiso II rigs) and one for Falcon Energy Group. Keppel FELS has already terminated the contracts with the respective owners. Two other rigs were being built in anticipation of potential demand.

The total price of the five rigs excludes the down payments which had already been made by the respective original owners.

More details in http://infopub.sgx.com/FileOpen/KCL%20-%...eID=506197

[cyclone]

Keppel to build South East Asia’s first LNG bunkering vessel

Singapore, 05 June 2018 – Keppel Offshore & Marine Ltd (Keppel O&M) through its wholly-owned subsidiary, Keppel Singmarine Pte Ltd, has secured a contract from FueLNG, a joint venture between Keppel O&M and Shell Eastern Petroleum (Pte) Ltd, to build South East Asia’s first Liquefied Natural Gas (LNG) bunkering vessel valued at approximately S$50 million.

Scheduled for completion in 3Q 2020, the dual-fuel LNG bunkering vessel will have a capacity of 7,500 cubic metres. FueLNG will receive a grant of up to S$3 million as part of the Maritime and Port Authority of Singapore’s (MPA) LNG Bunkering Pilot Programme (LBPP).

More details in http://infopub.sgx.com/FileOpen/Media%20...eID=508939

[weijian]

Keppel O&M sanctioned 17 current, former employees over Brazil bribery case

http://www.channelnewsasia.com/news/sing...ed-9820800

Compliance.. How to determine if one is guilty of negligence or something more sinister (for lack of a better word)?

i thought this 2014 interview by Prof Mak with a ex-convict who offered bribes (been there, done it, switched sides to cooperate with the authorities and done jail time) is pretty apt.

Prof Mak: It sometimes seems that individuals almost slip into breaking the law without really being conscious of it. Can you share with us how it happened in your case? In other words, did you intentionally break the law or was there a way you rationalised the activities?

Richard: I totally rationalised it. But to be clear, I bribed, I knew it was illegal, and I wasn’t thinking at all about the consequences. And I just want to reaffirm, I am in no way trying to justify what was illegal conduct.
Rationalising bribery, in my case, was not a struggle. Many of the illegal conversations I had took place far away from the home office and corporate management. In fact, during my travels, when the talk turned to corruption, the only people present were myself and the agent or intermediary. Thus, given my remote location, the lack of “witnesses”, and the fact that the company was pleased with my personal and divisional sales performance, I felt that there was little chance I would ever get caught.
These circumstances are common in international business, and that is a part of the challenge for those at the front line of international commerce and the compliance professionals who are tasked with helping them to be both successful and compliant. Much of the conduct, like my own, is covered with secrecy and takes place at remote locales with little or no oversight.
I realise that for those responsible for anti-bribery compliance, the choice between corruption and compliance is as simple as “walk away”. But in reality those choices become more difficult when front line international business groups are being compensated with lucrative compensation plans, as is often the case.
When those incentive plans are indexed to personal performance in corrupt regions, as opposed to group or divisional performance, the anti-bribery message can get distorted, diluted, or in the worst case, discarded, as those on the front line now might think of compensation and compliance as a “zero sum” game. It is a dangerous situation for all involved when someone starts to consider compliance as “bonus prevention” and starts pondering, “what does management really want, compliance or sales?”

http://governanceforstakeholders.com/201...ion-risks/

[Art or Science]

Thanks, Weijian for the link.

Its a constant struggle for those in the sales line, be it banking, healthcare, IT or whatever industry. To be able to meet sales target.

So many forms of bribery. Not just goods or money. In some or indeed most cases, those guilty were pointed out by another..

[cyclone]

Financial Results for the Half Year Ended 30 June 2018 ("1H 2018")

1. The Group’s 1H 2018 revenue of S$2,993 million was 7% higher than the S$2,802 million for 1H 2017
2. Offshore & Marine and Property revenues remained stable year on year while Infrastructure revenue grew by 23% to S$1,211 million
3. Net profit of S$583 million for half year ended 30 June 2018, 38% higher than the S$423 million achieved a year ago
4. The Offshore & Marine (O&M) Division incurred a net loss of S$40 million for 1H 2018, compared to a net profit of S$11 million a year ago
5. The Property Division, whose net profit grew by 214% year on year to S$603 million, was the largest contributor to the Group in 1H 2018
6. The Infrastructure Division’s net profit grew by 16% year on year to S$66 million for 1H 2018
7. The Investments Division recorded a net loss of S$46 million for 1H 2018, as compared to net profit of S$163 million a year ago
8. For the first six months of 2018, the Group achieved an annualised return on equity of 9.9%
9. Net gearing was 0.40x as at 30 June 2018, compared to 0.46x as at 31 December 2017
10. Free cash inflow improved to S$886 million in 1H 2018 compared to S$204 million in 1H 2017
11. Declared interim cash dividend of 10.0 cents per share and special cash dividend of 5.0 cents per share for 1H 2018.

More details in :
1. http://infopub.sgx.com/FileOpen/1.%20KCL...eID=516847
2. http://infopub.sgx.com/FileOpen/3.%20KCL...eID=516849
3. http://infopub.sgx.com/FileOpen/2.%20KCL...eID=516848

[Behappyalways]

Keppel Corp winning NDP18 Cheer Competition with intrepid haka performance
https://mothership.sg/2018/07/keppel-ndp...mpetition/

[cyclone]

Keppel expands into senior living sector with 50% stake in Watermark Retirement Communities

Keppel Corporation Limited (Keppel Corporation), through its wholly-owned subsidiary, Keppel Capital Senior Living LLC, which is held through Keppel Capital Holdings Pte. Ltd. (Keppel Capital), has today entered into a conditional equity purchase agreement to acquire a 50% stake in a leading US senior living operator, Watermark Retirement Communities, Inc. (Watermark), as well as 50% of the minority interests held by the owners of Watermark in certain retirement communities managed by Watermark, for a purchase price of up to around US$77.3 million.

Watermark currently manages 52 senior housing communities in 21 states across the United States, with a definitive pipeline that will bring the portfolio to more than 60 communities by 2020. It has about 9,400 beds under management at present. Watermark’s predecessor company, The Fountains, was founded in 1987 with its original development, The Fountains at La Cholla, located in Tucson, Arizona, where Watermark is based.

With assets under management of US$2.7 billion, Watermark is ranked among the top 15 largest senior living operators in the United States by the American Senior Housing Association. Its senior housing communities offer a variety of services including independent living, assisted living, memory care and skilled nursing. With more than 30 years of experience in the senior living sector, Watermark has developed a network of systems and tools that is robust, fully integrated and scalable. It operates on a flexible business approach, which includes senior housing community management, long term operating leases as well as joint ventures and general partnerships with capital partners to acquire or develop single communities or community portfolios, where Watermark will receive management fees, dividends from investments, as well as promotes. Postacquisition, Watermark’s existing senior management team will continue to be responsible for the day-to-day operations of the company.

More details in :
1. http://infopub.sgx.com/FileOpen/SGX-Prop...eID=518900
2. http://infopub.sgx.com/FileOpen/MR-Keppe...eID=518901

[sschin]

Keppel expands into senior living sector with 50% stake in Watermark Retirement Communities

Keppel Corporation Limited (Keppel Corporation), through its wholly-owned subsidiary, Keppel Capital Senior Living LLC, which is held through Keppel Capital Holdings Pte. Ltd. (Keppel Capital), has today entered into a conditional equity purchase agreement to acquire a 50% stake in a leading US senior living operator, Watermark Retirement Communities, Inc. (Watermark), as well as 50% of the minority interests held by the owners of Watermark in certain retirement communities managed by Watermark, for a purchase price of up to around US$77.3 million.

Watermark currently manages 52 senior housing communities in 21 states across the United States, with a definitive pipeline that will bring the portfolio to more than 60 communities by 2020. It has about 9,400 beds under management at present. Watermark’s predecessor company, The Fountains, was founded in 1987 with its original development, The Fountains at La Cholla, located in Tucson, Arizona, where Watermark is based.

With assets under management of US$2.7 billion, Watermark is ranked among the top 15 largest senior living operators in the United States by the American Senior Housing Association. Its senior housing communities offer a variety of services including independent living, assisted living, memory care and skilled nursing. With more than 30 years of experience in the senior living sector, Watermark has developed a network of systems and tools that is robust, fully integrated and scalable. It operates on a flexible business approach, which includes senior housing community management, long term operating leases as well as joint ventures and general partnerships with capital partners to acquire or develop single communities or community portfolios, where Watermark will receive management fees, dividends from investments, as well as promotes. Postacquisition, Watermark’s existing senior management team will continue to be responsible for the day-to-day operations of the company.

More details in :
1. http://infopub.sgx.com/FileOpen/SGX-Prop...eID=518900
2. http://infopub.sgx.com/FileOpen/MR-Keppe...eID=518901

Is this their first acquisition in senior living operator? Haven’t been keeping track .. although I’m a OPMI