Keppel Corp: expects to deliver its 3rd state-of-the-art oil rig to major US customer, Rowan Companies on time and within budget. The KepFELS N-class rig is built to operate in harsh weather conditions in water depths of 400-500 ft, about 40% deeper than traditional units in benign waters and 15% deeper than existing jack-up rigs built to operate in harsh environments...
Stock has pulled back 11% from its peak in late Apr, but remains one of the better STI performers ytd (+33%), on the back of strong order momentum, amidst demand for rigs.
The majority of the Street has Buy ratings with recent TP ranging btwn $13.30-14.60.
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