Net profit totalled S$1.13 billion Singapore dollars, while revenue was 10.43 billion dollars, up 37.2 per cent over 2006, the world's biggest oil rig maker said in a statement.

The net profit figure included exceptional items totalling S$105.12 million dollars, it said.

Keppel's offshore and marine division, which covers oil rigs as well as ship building, repair and conversion, accounted for 70 per cent of group revenue, the company said.

The property division, which boasts high-end residential projects in Singapore and overseas, contributed 17 per cent of revenue, it said.

Keppel said the offshore and marine division secured a record 7.4 billion dollars of new orders for 2007, which brought its net order book to an all-time high of 12.2 billion dollars at the end of last year.

Executive chairman Lim Chee Onn said the company is now accepting orders for 2011 delivery.

'The outlook for the offshore and marine industry is expected to remain buoyant,' Keppel said in a statement.

'High oil prices and marginal growth in (the) world's hydrocarbon reserves are expected to sustain exploration and production activities.'

'There is also a growing need for sophisticated solutions as more exploration and production move into deeper waters and harsher environments.'

For its property business, Keppel said it continues to strengthen its presence in Vietnam and China by securing new project sites, and that its expansion into the Middle East market should also yield benefits.

'For 2008, the Group plans to launch about 8,200 residential units overseas including (in) China, Vietnam, India, Indonesia and Saudi Arabia,' it said.

At home, two luxury condominium developments are expected to be launched.

Keppel Corp. shares fell six cents to finish at 11.32 dollars.

The company is under the stable of state-linked investment firm Temasek Holdings, which held a 21 per cent stake last year, according to the Temasek website. -- AFP