Kepcorp: Goldman Sachs note that Petrobras re-launches 21 rig tender and believe that KEP and SMM are still among the frontrunners for the orders. Believe Petrobras aims to finalize the winning bidders and sign the contracts by end-2011, with the rig owners being allowed a 48 mth construction term…..
Expect the news to be a slight positive for the share prices of KEP, SMM and SCI. In a bull-case scenarios for 2011, assuming a 7-rig order win for KEP/SMM, this could add 3% to implied values for both KEP/SMM.
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