KepCorp: Annouced that its 20% owned jv Nakilat-Keppel O&M has launched a new 43 ha shipyard in Qatar reported to cost US$2.8b. Shipyard is being developed in six phases and KEP will operate the first 2 phases. Yard will be largely financed by Qatar, while KEP's role will be to manage and operate the yard….
CEO highlight that yard was envisioned to be ‘a best-in-class shipyard’, and the preferred partner for marine and offshore solutions in the region. The yard has already signed a 3 yr fleet servicing agreement with Shell for ship repair services, and LOIs with Idemitsu Tanker, Mitsui OSK Lines, NYK Line, Kawasaki Kisen Kaisha, Iino Kaiun Kaisha and the Marine Contracting Association for shipyard and drydocking services…
Morgan Stanley has Buy call on Grp with TP of $12.25.
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