KepCorp: Annouced that it has secured a 3rd jackup order from repeat customer Asia Offshore Drilling at US$184m. Order is first of two options to build a KFELS B Class jackup rig, and schedued for delivery in 3Q13. With deal, Keppel’s O&M div has secured about US$5.8b new orders for the yr, with Oil Co’s still showing a preference for high specification jackups, which has been a boost for Keppel’s jackup business…..
We note that majority of street remains bullish on grp’s prospects, with a mean TP of $13.04. At current price, valuations appear relatively compelling, with grp trading at 11.1x FY12E P/E vs historical average of 14x.
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