UPDATE 1-Singapore’s Keppel launches major revamp, review of offshore and marine business

(Recasts with asset monetisation, adds context on Temasek’s scapped deal)

SINGAPORE, Sept 29 (Reuters) – Singaporean conglomerate Keppel Corp said on Tuesday it had identified assets worth S$17.5 billion ($12.8 billion) that could potentially be monetised, including through sales, and started a review of its lossmaking offshore and marine (O&M) business.

The plans unveiled on Tuesday are part of Keppel’s 10-year strategy that it had flagged earlier this year to refocus its portfolio to energy and environment, urban development, connectivity and asset management.

Keppel said it was exploring options including strategic mergers and disposals for its offshore and marine business, which builds oil rigs and has been battered by falling energy prices.

In August, state investor Temasek Holdings abandoned its $3 billion offer to raise its stake in Keppel to a majority holding after the company reported weak results.

Analysts have long hoped for a consolidation in the rig-building sector

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