Kep Corp: Co and ConocoPhillips are jointly designing a first-of-its-kind ice-worthy jackup rig to operate in one of the harshest marine frontiers, the Arctic Seas. The rig will be able to operate in a self-sustained manner for 14 days and be able to be towed in ice. Co has prev designed a pair of icebreakers for the Arctic region for Lukoil.
Citi issues a bullish report maintaining Buy with TP$12.00. News serves as reminder of Kep Corp’s commitment in staying at the forefront of R&D. House has view that co’s suite of products and technologies is far superior to its global competitors and highlights than its proprietary designs made up 38% of its new orders in 2010-11. This may be a prelude to potential newbuild orders and provide a first-mover advantage in developing solutions for Arctic drilling.
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