Keppel Corp: has secured contracts to build two high-spec KFELS B Class Bigfoot jackup rigs from returning customer Gulf Drilling Int’l GDI) of Qatar, worth about US$393m. The rigs will be customized to operate in the Middle East’s hotter climate, and in softer soil areas. The rigs are due for delivery in 3Q13 and 3Q14...
This is GDI’s first new order in six years and will increase the company's jackup fleet count to 7 units. The deal is partially related to Japan Drilling Co – one of GDI’s shareholders – which also ordered a newbuild jackup rig in March...
Incl this contract, KEP would have secured US$5.3b in orders ytd. KEP also has 14 more unexercised options available. News is positive and supports the case for growing rig order momentum.
Yday, StanChart maintained Outperform with TP $12.73, tipped KEP as their top pick for the sector.
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