KepCorp

KepCorp: -0.7% at $9.91, broadly in line the STI's 0.9% decline amid a broad-based market selloff despite the company announcing before the market open it landed an around US$560m contract from AP Moller-Maersk drilling arm to build an ultraharsh-environment jackup rig, its third CJ70 design rig for the company. Analyst note that the contract is already included in his order-win assumptions and won't affect earnings forecasts. But adds, it's all driven by the North Sea and discoveries taking place there. You're going to see more activity taking place over the next year or two. While the latest contract pricing could be slightly higher than the previous two rig orders from Moller-Maersk, which were at around US$1b in total, it's not material. Bid-ask spreads suggest the $9.87 intraday low may not be tested again.