As offshore oil exploration and production raced ahead to meet rising global demand for oil, Keppel Offshore & Marine (Keppel O&M) - a Singapore-based marine engineering group was the leader in the global market for construction of offshore drilling platforms and vessels. Keppel O&M's fortunes over the last four decades had been characterised by high-velocity and unpredictable changes. The ongoing challenge was to stay flexible, continually adapting its strategies and reinventing itself to manage the disruptive changes in the business environment. However, as more international competitors moved in to carve their share of the offshore construction market, the race was on as to whether the group could hold on to its leadership position.

• Identify risks in light of fluctuating oil prices and competitive landscape. Why are these risks?