Page 1

Keppel Corporation Keppel Corporation Limited ( Co Reg No. 196800351N ) 1 HarbourFront Avenue # 18-01 Keppel Bay Tower Singapore 098632 www.kepcorp.com Tel : ( 65 ) 62706666 Fax : ( 65 ) 64136452 Media Release Keppel Corporation announces its 1Q 2021 business update The Group achieved higher net profit year - on - year and continued to progress towards its Vision 2030 goals . Singapore , 22 April 2021 – Keppel Corporation Limited ( Keppel ) has today released its voluntary business update for 1Q 2021. Keppel Corporation recorded a net profit in the first quarter of 2021 , which was slightly higher year - on - year . All key business units apart from Keppel Offshore & Marine ( Keppel O & M ) were profitable . Nevertheless , Keppel O & M's performance has also improved quarter - on - quarter with EBITDA for 1Q 2021 turning positive due to improving margins and productivity . The Group's revenue was S $ 1,889 million for 1Q 2021 , which was stable compared to S $ 1,857 million a year ago , mainly due to higher contributions from the Urban Development and Asset Management segments , offset by lower revenues from Energy & Environment . The Group's net gearing was lower at 0.88x as at 31 March 2021 , compared to 0.91x as at 31 December 2020 , mainly due to higher equity . The divestment of Keppel Bay Tower , which is targeted for completion in 2Q 2021 , would have further reduced the Group's net gearing to 0.83x as at 31 March 2021 had it been completed in 1Q 2021 . Mr Loh Chin Hua , CEO of Keppel Corporation , said , " Keppel's business units made creditable progress in the first quarter of 2021 , against the backdrop of a gradual recovery from the pandemic . In line with Vision 2030 , we have continued to launch new initiatives , such as the Bifrost Cable System , which will grow our Connectivity business and provide an important platform to harness synergies across various business units including Keppel Data Centres , M1 and Keppel Capital . " In the Energy & Environment segment , Keppel O & M returned to positive EBITDA in 1Q 2021 , as a result of quarter on quarter improvements in margins and productivity . Apart from S $ 66 million of new contracts secured in 1Q 2021 for various upgrading and repair projects including wind turbine installation and gas - related vessels , Keppel O & M is presently in advanced discussions with Petrobras on the P - 78 FPSO project . Keppel Corporation continues to make good progress with the organic transformation of Keppel O & M and is also exploring inorganic options . Keppel Infrastructure continues to make good progress on its environmental projects in Hong Kong and Singapore , and has announced plans to form a joint venture with StarCharge to invest in , develop , own and operate electric vehicle ( EV ) charging infrastructure in Singapore , as well as pursue other EV - related opportunities in the region . 1