Keppel Corp

Keppel Corp: Keppel Corporation's O&M arm has won two contracts worth $200m from repeat customers SBM Offshore and MODEC and Toyo Offshore Production Systems (MTOPS). The order from MTOPS involves the integration of topside modules for a Floating Production Storage and Offloading unit. Integration will take place at the BrasFELS yard from 3Q14 to 3Q15. The order from SBM Offshore involves the fabrication of a 6,800-tonne internal turret for a newbuild FPSO, to be deployed in Australia’s Ichthys Field. Delivery is expected to be 3Q14. Orders are Keppel's 1st contract win of 2013. Street estimates FY13 orders at c.$6.5b. UOB KH maintains BUY with TP of $12.70;