Fast forward and the humble ship repair yard in a newly-independent Singapore is now a global giant worth $16 billion, operating in 34 countries with 32,000 employees.

The group on Tuesday celebrated those 40 years with a lyrical touch not normally associated with heavy industry - the premiere of an orchestral work entitled Of Passion & Passages composed by Associate Professor Ho Chee Kong.

Prof Ho's piece, which pays musical tribute to the firm's staff and its can-do spirit, was performed at the Esplanade by the Singapore Symphony Orchestra with Senior Minister Goh Chok Tong as guest of honour. Pianist Abigail Sin also did a solo turn.

The success of Keppel Shipyard, as it was called at its inception, mirrors that of Singapore.

Its first chairman was Mr Hon Sui Sen, also one of Singapore's finance ministers. Another particularly notable chairman was Mr Sim Kee Boon, who presided over Keppel as it spread its wings in the 1980s and 1990s.

Keppel Corp executive chairman Lim Chee Onn said on Tuesday: 'We celebrate our nation's 43rd birthday and Keppel's 40 years of corporate existence.'

It has not been all smooth sailing. Keppel went through tough times in the 1980s when it battled a slump in the ship repair business. Keppel Land also took write-downs on its properties during the Asian financial crisis.

But soon after Mr Lim took over, a review of its business was done. 2001 is seen as a turning point. Although Keppel still remained a conglomerate, it streamlined its diverse portfolio, which even included leisure and travel businesses.

It outlined three key businesses: Offshore and marine, which includes ship repair and oil-rig building; property; and infrastructure, which covers power generation and environmental engineering.

Mr Lim told shareholders in 2001: 'When a big tanker makes a U-turn, it starts turning three miles earlier. Keppel Corp is like a big ship, maybe too big. We put out the U-turn sign about two years ago and we are still turning.'

The results are evident. Mr Lim said on Tuesday that 'Keppel was able to generate creditable growth over the past seven years. Profit after tax close to quadrupled from about $270 million in 2001 to over $1 billion at the end of 2007'.

Keppel is No. 1 in the world for jack-up oil rigs. It builds homes in Vietnam and China while closer home, it is developing the Marina Bay Financial Centre.

There is also a US$1.7 billion waste management plant underway in Qatar, the largest such project won by a Singapore company in the Middle East.

Keppel will look 'to harness new opportunities from increasing global interest in urbanisation, climate change and the environment', said Mr Lim.

Last night Mr Goh also launched the arts sponsorship scheme Keppel Nights, a joint effort between Keppel and the National Arts Council (NAC) to offer discounted tickets to students, senior citizens and the disabled.

Mr Lim presented a $250,000 cheque to NAC chairman Edmund Cheng to fund the scheme.