“If you want my future, forget my past.” So sang the Spice Girls on their breakout hit, Wannabe. This might well apply to Keppel Corp (SGX: BN4). Keppel’s past was closely linked to the offshore and marine (O&M) industry, which in 2015, still accounted for 60% of its overall revenue. The company’s earnings were thus tied to the cyclical oil and gas industry, resulting in swings in profit and a lower valuation. Between 2015 and 2023, its price-to-earnings (PE) ratio ranged from 2.8 to 28.0, with an average of just 6.1.

Under Construction 

In 2023, Keppel underwent a major restructuring. It exited the O&M sector by effectively selling its O&M business to Sembcorp Marine, which later renamed itself Seatrium (SGX: 5E2). Today, Keppel has three main segments: infrastructure, real estate and connectivity. Its legacy O&M assets are now parked with other assets as part of a non-core portfolio, which accounted for just 12% of overall revenue in 2025. However, the transformation is still a work-in-progress. Revenue from Keppel’s continuing...