The Jan 28 announcement of Keppel Corp’s exit from the rig-building business should have elicited a positive response from the market. After all, ditching the loss-making business of its subsidiary Keppel Offshore & Marine (Keppel O&M) is a crucial step to reviving the company’s flagging fortunes since the 2014 crash in crude oil prices. But the market appears to think otherwise.

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