Keppel Corp., the world’s largest oil-rig maker, said profit in the fourth quarter rose 17% to a record, beating analysts’ estimates, as a global economic recovery stoked demand.

Net income climbed to $403 million from $343 million a year earlier, the company said in a Singapore stock exchange statement today. That surpassed the $371.3 million average of four analyst estimates compiled by Bloomberg. Sales dropped 19% to $2.44 billion.

Demand for offshore structures and rigs has increased as a global economic recovery and depleting reserves at existing fields prompts oil companies to invest more in exploration and production. Oil prices have almost doubled in the past two years.

 

Keppel gained 0.7% to close at $11.34 in Singapore trading before the earnings announcement. The stock has climbed 42% in the past 12 months, compared with a 13% advance by the 30-member Straits Times Index.