Keppel Corp (KPLM.SI), the world’s largest offshore oil rig builder, reported on Thursday a better-than-expected 13% rise in its first quarter net profit as a strong performance for its property arm compensated for a falling marine orderbook.

The conglomerate, whose interests span from offshore and marine engineering to property and infrastructure, earned $322 million in the three months to March, up from $285 million a year ago, and compared to Thomson Reuters’ estimates of $246 million. 

Keppel and rival Sembcorp Marine (SCMN.SI) benefited from a significant jump in oil exploration in the several years leading up to the financial crisis, but oil prices have since weakened, resulting in a steady decline for rig building orderbooks. 

 

Keppel said last year it aimed to secure $2 billion in orders in 2010, but in the first quarter alone the company has managed to secure $1.6 billion worth of new orders. 

Analysts are expecting the company, which has a market value of $11 billion, to book a lower net profit of $1.05 billion in 2010, down 17% from $1.26 billion made in 2009. 

Keppel shares have risen by 21% since the start of the year, outperforming a 3% rise in the broader Singapore market (.FTSTI) and the 16% gain for Sembcorp Marine.