KeppelCorp: Secured a contract worth US$210.0m from Japan Drilling Co (JDC) to build Super B Class rig which can drill to depths of 35k ft and operate at a depth of 425 ft. Due for delivery in 2013, rig will be JDC's first newbuild in 6 yrs and Keppel's first for JDC. Keppel had previously done repair and maintenance for two of JDC rigs…
Currently co’s orderbook stands at $4.4b including this contract and is on track for a record yr compared to 2007 where US$7.5b worth of orders were obtained. Nomura maintains Buy with TP$15.00 on positive outlook of orders. Daiwa maintains Outperform raising TP to $12.83 from prev $12.70. Co trades at fwd P/E of 14.1x compares with SembMarine at 16.7x
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