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Significant Milestones



 

1960s - 1980s

 

1968

Inauguration of Keppel Shipyard (Pte) Ltd:
Corporatisation of the Dockyard Department of the Port of Singapore Authority managed by British shiprepair group, Swan Hunter.

1971

Expansion into Offshore:
Acquisition of 39% interest in listed Far East Shipbuilding Ltd (renamed FELS in 1972). Stake in company was increased to 61.3% in 1973.

1972

Change in Management to Local Hands:
Singaporeans took over Keppel’s management.

1975

First Overseas Venture:
While developing a major shipyard in Tuas, Keppel Philippines Shipyard was set up in partnership with Filipino investors.

1976

Expansion of the Marine Business:
Acquisition of Singmarine Shipyard, a medium-size shipbuilder and repairer.

1978

Establishing Financial Services:
Established to provide factoring to marine contractors, Shin Loong Credit (renamed Shin Loong Finance) propelled the growth and expansion of this division to include insurance and securities.

1980

Listing on the Singapore Stock Exchange:
Keppel Shipyard’s 30 million shares of $1.00 each was offered to the public at $3.30 per share.

1983

Diversification into Property:
Acquisition of 82% interest in Straits Steamship Company.

1984

Restructuring of Keppel:
Non-strategic businesses were rationalised during the recession.

1986

Incorporation of Keppel Corporation:
Keppel Shipyard became a division of the Company.

Acquisition of ex-Mitsubishi Yard:
The 12-ha yard, acquired during the offshore recession, became a cornerstone in the growth of FELS.

1989

Sharpening Focus on Property:
Straits Steamship Company was renamed Straits Steamship Land following the restructuring of the company to concentrate on property development. The non-property businesses were grouped under Steamers Maritime Holdings (Steamers).

 

1990s

 

1990

Establishing Banking and Financial Services as a Major Pillar of Growth:
Keppel acquired Asia Commercial Bank. Renamed Keppel Bank, the successful acquisition was listed in 1993.

Acquiring Yard for the US Market:
FELS purchased a rig yard in the Gulf of Mexico where drilling was most active. The company was renamed Keppel AmFELS in 2004.

1991

Foray into the Middle East:
Keppel acquired a 20% stake in Arab Heavy Industries (AHI), a shipyard in the United Arab Emirates. Interest in AHI has since been increased to 33%.

1992

Rationalisation of Engineering Business:
This was carried out under Keppel Integrated Engineering (KIE).

1993

Leading consortium in Industrial Park Development:
Keppel led the Singapore consortium in the development of the Suzhou Industrial Park.

Foray into Vietnam:
Straits Steamship Land developed the first international-class commercial building in the country.

Starting the Power business:
With insufficient rig orders amidst worsening oil prices, FELS developed two Build-Own-Operate floating power barges which supplied a total of 180MW of electricity to the Philippine power grid addressing brownout problems in the country.

1994

Seizing Opportunity in Telecoms Liberalisation:
Re-positioned for telecommunications business, Steamers (now Keppel Telecommunications & Transportation) spearheaded the Keppel Group’s participation in 1997 in MobileOne (now M1), a consortium formed with SPH, Cable & Wireless and Hong Kong Telecom.

Offshore Technology Development
FELS set up a technology company for R&D of jackup rigs.

1995

Growing Presence in the Philippines:
Subic Shipyard & Engineering Works was inaugurated following the acquisition of the former Philseco yard.

Property Expansion in China:
Straits Steamship Land began construction of its first property in Shanghai, and signed agreement to develop a golf resort with residential development in Kunming, Yunnan Province.

1997

Rebranding Exercise Group-wide:
The Keppel name was adopted across the Group.

Presence in the Caspian:
The Caspian Shipyard in Baku, Azerbaijan, was set up to meet demand for oil rigs in the new frontier for oil and gas industry.

Opportunity in Crisis:
Keppel Bank acquired Tat Lee Bank which was impacted by the Asian financial crisis. The enlarged bank was renamed Keppel TatLee Bank in 1998.

1998

Towards a Leaner Keppel:
Keppel removed cross-shareholdings in its Group of companies and rationalised the businesses which included the merger of Keppel FELS (previously FELS) and KIE into Keppel FELS Energy & Infrastructure (KFEI).

1999

Entry into Oil and Gas:
Keppel acquired about 77% interest in the Singapore Petroleum Company (SPC).

Consolidation of Marine Operations:
Keppel Shipyard acquired Hitachi Zosen and was named Keppel Hitachi Zosen (KHZ).

Remodelling the Property business:
Keppel Land (previously Straits Steamship Land) increased its regionalisation thrust, re-balanced its Singapore trading assets and investment properties and started the property fund management fee-based business.

Extracting Value from Land Assets:
Keppel Shipyard moved out of Telok Blangah, paving the way for the redevelopment of a 32-ha site into Keppel Bay, Singapore’s premier waterfront precinct.

 

2000 & Beyond

 

2000

k1 Ventures:
Formerly Singmarine Industries, then Keppel Marine Industries, the company changed its mandate to become a diversified investment company.

Positioning SPC as an Integrated Oil and Gas Company:
Against the backdrop of US$10 oil per barrel, SPC began its upstream business with the acquisition of the offshore Kakap gas field in Indonesia.

Foray into Brazil:
Keppel acquired its BrasFELS yard in Angra dos Reis and developed it into the most established offshore and marine facility in Latin America.

2001

Divestment of Banking and Financial Services Business:
The divestment of the Division, which contributed nearly 50% of the Group’s earnings, enabled Keppel to privatise and integrate its offshore and marine businesses.

Restructuring for Greater Focus:
Offshore & Marine, Property and Infrastructure became the core businesses of Keppel.

Delisting of KFEI:
This set off the consolidation of the shipyard operations, including the delisting of KHZ

Seizing Opportunity during a Downturn:
Keppel Land, together with HK partners, seized the opportunity to bid for a prime site in the New Downtown. The 1.14-ha site was developed as One Raffles Quay to yield a total of 1.32 million sf of prime office space.

2002

Consolidating Shipyard Operations:
Establishing Keppel Offshore & Marine (Keppel O&M) to become one of the world’s largest offshore and marine groups.

Foray into the Netherlands:
Keppel O&M completed the acquisition of Dutch offshore shipyard and renamed it Keppel Verolme BV.

Building the Environmental Engineering Business:
Acquisition of Keppel Seghers Technology (formerly Seghers Better Technology) contributed to the securing of the NEWater and Waste-to-Energy projects on Build-Own-Operate basis from the Singapore Government in 2005.

2003

Widening Reach in the Caspian:
Keppel O&M established Keppel Kazakhstan, an offshore engineering and construction facility (which has been divested in 2014).

2005

Securing Marina Bay Financial Centre:
Iconic landmark in the New Downtown, the integrated development with office, commercial, residential and entertainment offerings has a GFA of 4.7 million sf.

Building a Satellite Network of Yards:
Keppel O&M acquired a shipyard in Nantong, China.

2006

Foray into Qatar:
Keppel Seghers secured from the Qatari government a QR3.9 billion (about $1.7 billion) solid waste management project and in the following year, a QR3.6 billion (about $1.5 billion) wastewater treatment plant.

Unlocking Value via a REIT:
Keppel Land sponsored the establishment of a new real estate investment trust now known as Keppel REIT (formerly K-REIT Asia).

2007

Advancing Technology:
Keppel O&M Technology Centre and Keppel Environmental Technology Centre were set up with seed money of $150 million and $50 million respectively.

2008

Leading in Sino-Singapore Tianjin Eco-City:
The Keppel Group entered into an agreement to lead the Singapore consortium in developing an Eco-City project in Tianjin.

2009

Divestment of SPC:
The sale of its 45% stake in SPC further strengthened Keppel’s balance sheet.

2010

Listing of K-Green Trust:
Established to invest in “green” infrastructure assets in Singapore and globally. Trust was renamed as Keppel Infrastructure Trust in 2014 to align with the Sponsor’s enlarged business scope following re-organisation.

Extending Near Market, Near Customer Strategy:
Keppel O&M partnered Qatar Gas Transport Company to jointly develop the Nakilat-Keppel Offshore & Marine yard in Qatar, and separately acquired a yard for specialised shipbuilding in Santa Catarina, Brazil

Strengthening Focus in China:
Keppel Land China was established to own and operate all of Keppel Land’s properties in China.

Starting the Data Centre Business - Establishing the World’s First Shariah-Compliant Data Centre Fund:
The Securus Data Property Fund was jointly formed by Keppel Telecommunications & Transportation (Keppel T&T) and AEP Investment Management to invest in a global portfolio of income-generating, green field data centres in Europe, Middle East and Asia.

2011

First Port Project along the Yangtze River:
Keppel T&T entered into a joint venture with Sinotrans Ltd to jointly develop and operate a river port along Yangtze River.

Investing in Close Adjacencies:
Keppel O&M acquired a 27.8% stake in topside module fabricator Dyna-Mac Holdings Ltd via an equity placement.

2012

Sustaining Technology Leadership:
Keppel O&M Technology Division was established to further strengthen technological expertise and operational processes of the Group’s offshore and marine business.

Growing Regional Logistics Network:
Keppel T&T formed joint ventures to develop the Sino-Singapore Jilin Food Zone International Logistics Park in Jilin Province, and Keppel Wanjiang International Coldchain Logistics Park in Lu’an City, Anhui. It also made its first foray into Indonesia in partnership with PT Puninar Jaya.

Further Investment into Close Adjacencies:
Keppel Corporation acquired a stake in independent upstream oil and gas company, KrisEnergy, and gradually increased its interests to 31.4%.

2013

Streamlining the Infrastructure Division:
Re-organisation of Keppel Energy and Keppel Integrated Engineering under the newly-incorporated Keppel Infrastructure.

Expanding Power Generation Capacity:
Keppel Infrastructure completed the 800MW capacity expansion at Keppel Merlimau Cogen, bringing its total power generation capacity in Singapore to 1,300MW.

Growing Footprint in the Caspian:
Baku Shipyard LLC, Keppel’s second shipyard in Azerbaijan was inaugurated.

Fortifying the Logistics Business:
Keppel Logistics acquired a 60% stake in Sanshui Port, in Foshan, China. It also embarked on developing the new Tampines Logistics Hub in Singapore, which caters to demand for critical-component logistics.

2014

Growing logistics footprint in Australia:
Keppel Logistics expanded its operations into Brisbane, Australia, with the management of a 10,000 sqm warehouse.

Growing retail management capabilities:
Keppel Land acquired a 75% stake in retail management company Array Real Estate, which was later renamed Keppel Land Retail Management.

Listing of the first data centre REIT in Asia:
Keppel DC REIT debuted strongly on the SGX-ST as the largest REIT IPO in Singapore in 2014 with
$512.9 million raised.

2015

Privatisation of Keppel Land:
Keppel Land was de-listed from the Singapore Exchange in July 2015, following a voluntary unconditional cash offer made by Keppel Corporation to acquire all outstanding shares in the former, other than those it owned and controlled.

Creating the largest Singapore infrastructure-focused business trust:
Keppel Infrastructure Trust was combined with CitySpring Infrastructure Trust and 51% of Keppel Merlimau Cogen was injected into the enlarged trust. The enlarged trust has a market capitalisation of more than $2 billion and total assets of over $4 billion.

2016

Pursing LNG opportunities
Keppel O&M and Shell jointly won a licence to supply Liquefied Natural Gas (LNG) bunkering services in the Port of Singapore. A Memorandum of Understanding was also signed by both companies to jointly explore opportunities to cater to the demand for LNG as a fuel in coastal areas, inland waterways and the international marine sector.

Expanding into Rig Aftersales and Aftermarket Solutions
Keppel O&M completed the acquisition of Cameron's offshore product division, which comprises the LETOURNEAUTM jackup rig designs, rig kit, aftersales and aftermarket businesses. The business unit was rebranded as Keppel LeTourneau.

Augmented Capabilities in E-commerce Logistics
Keppel Logistics acquired a 59.6% stake in Courex, a Singapore-based third-party logistics company supporting retailers' logistics needs such as last-mile delivery, international shipping and warehousing.

Growing the Group's Asset Management Platform
Keppel Capital was formed through the consolidation of Keppel Corporation's interests in the business trust management, real estate investment trust (REIT) management and fund management businesses which collectively managed S$25 billion worth of assets.

2017

Delivered the World's First Converted Floating LNG Vessel
Keppel Shipyard delivered the world's first converted Floating Liquefaction Vessel (FLNGV) Hilli Episeyo to Golar Hilli Corporation. The FLNGV was converted from a 1975 built Moss LNG carrier and is designed with a liquefaction capacity of about 2.4 million tonnes of LNG per annum.

Embarked on Singapore's Fourth Desalination Plant
Keppel Infrastructure was awarded the tender by the Public Utilities Board to Design, Build, Own and Operate Singapore's fourth desalination plant for a concession period of 25 years. Located in Marina East, the plant will be the first in Singapore with the ability to treat sea water, and fresh water from the Marina Reservoir. When completed in 2020, the plant will be able to produce 137,000 cubic metres of fresh drinking water per day.

Made inroads into Hong Kong's Waste Management Market
Keppel Seghers jointly secured a contract worth HK$31 billion (about $5.3 billion) with Zhen Hua Engineering Co. Ltd. to design, build and operate Hong Kong's first Integrated Waste Management Facility off the coast of Shek Kwu Chau. Keppel will undertake the operations and maintenance of the facility for 15 years after it is completed in 2024.

Growing Omnichannel Logistics and Channel Management Solutions
Keppel Logistics launched UrbanFox (formerly Courex), an omnichannel logistics and channel management solutions arm with end-to-end solutions from e-commerce channel management, warehousing and inventory management to last-mile fulfilment.

Riding on Demand Growth for Data Centres in Asia-Pacific and Europe
Alpha Investment Partners launched its first data centre private equity fund in partnership with Keppel Data Centres. Drawing interest from sovereign wealth funds and public pension funds such as Canada Pension Plan Investment Board, Alpha Data Centre Fund closed at approximately US$1.0 billion, double its initial target size.

Listed US-Focused Office REIT
Keppel Capital jointly listed Keppel-KBS US REIT on the SGX-ST with KBS Pacific Advisors, and raised approximately US$448 million.

Expanding Solutions for Sustainable Urbanisation
Keppel Corporation announced the establishment of Keppel Urban Solutions, as an integrated master developer of large-scale mixed-use developments in the Asia-Pacific region. Keppel Urban Solutions will harness the Group's strengths and diverse solutions in energy, property, infrastructure and connectivity to create more efficient and vibrant smart precincts and cities of the future.

 



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