Keppel Corp: has secured a US$150m contract from Diamond Offshore to construct and upgrade a semisubmersible rig. The rig will be constructed from an existing hull from a Diamond Offshore cold stacked unit, with delivery scheduled for 3Q13. Scope of work on the rig includes the reconstruction of the rig, installation of advanced equipment such as a modern drilling package, and installation of sponsons to the pontoons to enhance the stability of the rig in deepwater. The rig will be designed to operate in water depths of up to 6,000 ft and will have a variable deck load of 5,000 long tonnes, a five-ram blowout preventer, and quarters capacity for 140 personnel. Keppel has previously built four similar semisubmersible rigs for Diamond Offshore.
Following a stream of jackup orders last yr, analysts have indicated that 2012 may be the year of the semisubs. KEP has had a good start on this trend, closing last yr with a US$809m semisub order from Sete Brasil, and being the first to announce another semisub order this yr. KEP’s order backlog now stands at ~$10.9b.
Nomura maintains Buy with TP $11.10.
CLSA maintains Outperform with TP $10.70 (from $11.10).
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