“Brazilian projects have definitely contributed much to Keppel’s order book given that each Brazilian project was typically of higher contract value than the smaller conversions that Keppel mostly secured in Asia,” he said.
Underscoring Brazil’s status as one of its key markets, a 10-year anniversary supplement published in 2012 said the company is “anchored in Brazil” and has developed a “strong nexus” with the country.
Keppel O&M has been the biggest cash cow of its parent company, typically contributing about two-thirds of group revenue, until recent years when plunging oil prices hammered profits at the world's largest rig builder.
It operated at break-even profitability for the third quarter, while revenue for the three months to Sep 30 dropped 26 per cent to S$380 million on lesser work volumes and the deferment of projects.
For its dirty deal-making over 13 years, Keppel O&M, a unit of local conglomerate Keppel Corporation which state investment firm Temasek Holdings holds a 20.43 per cent stake in, was slapped with a hefty fine of US$422 million as part of a global resolution with authorities in three countries.