Keppel Corp: Secures a US$195m rig contract from Mexico's Perforadora Central, with delivery scheduled for 1Q13. This contract, based on the LeTourneau Super 11E design, marks the 3rd newbuild jackup rig that Keppel is building for Perforadora, and comes with a price tag ~US$5m higher than the previous LeTourneau delivered in 2010. ..
Ytd, Keppel has won contracts to build 11 rigs, worth a total of $4b. Additionally, Keppel has granted options for 15 rigs which have yet to be exercised. Given that we are less than 3mths into the year, Keppel looks well placed to exceed Street forecasts of ~$7b worth of orders for FY11. Share price may re-rate upwards if order momentum continues, and the Street makes upward revision to estimates...
Post order win, DMG maintains at Buy with $13.94 TP.
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