Keppel Corp: won a contract from Mexico's Perforadora Central to build a repeat jackup rig worth US$205m, ~5% higher than that for a similar rig order from the same customer last March. The rig will be delivered in 1Q14 and is based on the LeTourneau Super 116E design with leg lengths of 511 ft and the capability to drill wells up to 30,000 ft at a water depth of 375 ft.
Perforadora Central is a Mexican company providing offshore and onshore drilling service mainly for PEMEX. Keppel also feels confident of securing more PEMEX related deals in the future.
Incl the LOI secured last Wed for an accommodation semisub rig, KEP’s ytd order wins stand at $0.9b. Its current orderbook is estimated at US$8.5b, which will keep it busy over the next two yrs. BOA-ML expects KEP to secure S$5.5b worth of ex-Petrobras orders and $5.2b Petrobras orders in 2012, vs $10b total new orders in 2011. The house maintains at Buy with TP $12.53.
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