SINGAPORE Financial Update
- SINGAPORE shares rebounded on Wednesday following a firmer Wall Street and hopes that the US Federal Reserve will adhere to its dovish stance.The Fed, which will conclude a two-day policy meeting on Thursday (Singapore time), has held the rate close to zero for more than five years, and stocks have surged against that backdrop.
- warned its shareholders of a significant net loss for FY2014. The group added that this is mainly attributed to the recoverability issue relating to its receivables and impairment of goodwill.
- announced that its subsidiary Keppel FELS has secured a fifth jackup contract from Qatar's Gulf Drilling International (GDI) for US$227 million, scheduled for delivery in the first quarter of 2016. As part of the contract, GDI has options for two more KFELS B Class rigs for deliveries in 2017.
- announced the resignation of its managing director Lim Kuan Yew, after six-and-a-half-years in this position at the company,to pursue personal ventures and businesses. The resignation takes effect on Sept 30. Mr Lim is responsible for strategic planning, establishing future direction and business development of the group, and oversees its overall management and operations.