Keppel Corp

Keppel Corp: has secured a US$440m order for two jackup newbuilds from repeat customer Clearwater Capital Partners. The rigs are scheduled for delivery in 4Q15 and 1Q16. The US$220m pricetag for each of the new rigs compares with the US$180m pricing for an earlier contract with Clearwater back in Jan ’11. As at 9M13, Keppel has achieved year-to-date orders of ~$5.04b, which forms 78% of the street’s 2013e new order estimate of $6.5b. Keppel remains on track for another strong year, with its record high orderbook and strong jackup delivery to underpin earnings visibility. Nomura reiterates Buy with TP $13.20.