Keppel Corp: secured 2 FPSO upgrading projects from long-term partners SBM Offshore and Bumi Armada. The combined contract value of the two projects is $170m.
The first project is from SBM Offshore to refurbish and upgrade an existing FPSO vessel. Work on this FPSO unit is expected to be completed by 3Q13. Upon completion, the vessel will be deployed in offshore Angola.
The second project is to modify and upgrade Bumi Armada's FPSO Armada Claire. This includes refurbishment and life extension works as well as installation and integration of topside modules. Work is expected to commence in 3Q12, and complete in 4Q13.Upon completion, the vessel will be deployed in the Balnaves Field, north-west Australia.
The latest orders bring KEP ytd orderbook to $1.1b.
The Street remains positive on KEP, with 22 Buys , 3 Holds and just 1 Sell. Consensus avg TP is $12.29.
Separately, Dyna-Mac: is a topside module installation provider, and stands to benefit if there is order flow down from KEP’s latest FPSO projects.
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