After training as a chemical engineer, Angie Ang began her career at Keppel working on power infrastructure on Jurong Island. Fifteen years on, her work has shifted from plant operations to business development in sustainable aviation fuel &mdash a sign of how both her role and the company have evolved.

New Keppel, new nimble approach

Several trends underscored the need for a fundamental shift in the way Keppel operated. For several years since the mid-2010s, demand for offshore oil and gas had weakened. New rig orders slowed, and it became harder to sustain profits. 

Furthermore, large, diversified groups that operated in many different businesses were often valued less highly than their pure-play counterparts. Investors also favoured companies with strong recurring income compared to those with lumpy earnings.

&ldquo Over the last few years, we&rsquo ve reshaped and evolved the company so that the New Keppel&rsquo s earnings come from recurring income, rather than the lumpy orderbook and development profits of the past,&rdquo says Keppel CEO Loh Chin Hua. 

&ldquo We have also adopted an asset-light model and have announced about S$14.5 billion of asset monetisation since the programme began in 2020, freeing up significant capital to fund growth, reduce debt, and reward shareholders.&rdquo

Vision 2030: A sustainable future

Keppel isn&rsquo t done transforming. Under Keppel&rsquo s Vision 2030, the company is leveraging its ability to match third-party capital with its strong operating expertise and real assets. These efforts are paving the way for a more sustainable and connected world. 

Building on its industrial roots and proprietary knowledge, Keppel is creating critical solutions and alternative real assets across the infrastructure, real estate, and connectivity sectors. 

These include the Keppel Sakra Cogen Plant, Singapore&rsquo s first hydrogen-compatible cogeneration power plant, and Keppel&rsquo s Sustainable Urban Renewal strategy, which upgrades older real estate assets to improve energy efficiency. 

The road ahead

The work to grow New Keppel continues, as the company looks to realise the full potential of its new business model. 

&ldquo Through our integrated ecosystem, we can offer attractive investment opportunities for our limited partners, and also undertake capital-intensive projects, without being constrained by our own balance sheet,&rdquo says Loh. &ldquo At the same time, we are able to derive long-term recurring income from the management, operation, and maintenance of the assets.&rdquo

In practice, this gives Keppel more room to scale without tying up as much of its own capital. 

In the face of megatrends such as climate change, digitalisation, and AI, Temasek &mdash Keppel&rsquo s largest shareholder &mdash supports the company&rsquo s strategic shift. Its Portfolio Development  team will continue to engage with Keppel as it builds on its strategy to deliver lasting value for investors and the wider public. 

This shift reflects how companies like Keppel are aligning growth with long-term sustainability trends, delivering both resilient returns and real-world impact.

&ldquo We are confident in Keppel&rsquo s future,&rdquo Eng adds.