KepCorp/Sembmarine: Deutsche note that according to recent articles from Upstream, Norwegian state oil Co. Statoil is in talks with rig owners about ordering some of the largest jackup drilling rigs ever built. These rigs labelled Category J rigs are planned for work on subsea completions.
Statoil has requested expressions of interest from jackup owners and are expecting initial responses back in Oct11. If they decide to proceed, tenders could go out by 2012 with potential delivery by 2015. The article highlighted that leading candidates for this program could include Maersk Drilling, Seadrill, and Rowan. Other drillers that may also be interested include Odfjell, Awilco, Noble Drilling, and Ensco.
Most recent orders have been for CJ70 rigs, two of which were placed with Keppel in early 2011 at about US$600m each, and are the largest jackups built to date. House believe KEP and/or SMM are well positioned for the Category‐J rigs, with both being clear mkt leaders for high specification jackups. House maintains Buy on KepCorp and Sembmarine, with $13.40 and $6.20 TP respectively.
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