Keppel Corp

Keppel Corp: Announced it has secured 2 contracts worth $146m. First contract was awarded by Single Buoy Moorings (SBM) for an FPSO conversion, with work expected to start next mth and delivery in 2Q 2013. 2nd contract awarded by Rubicon Offshore for the fast-track fabrication and integration of an external turret mooring system and expected to be completed by 4Q11. Orderwin places YTD orders at $7.52b, surpassing grp’s all time high annual contract wins. Street generally bullish on stock, with 20 Buys and 3 Holds and mean TP of $13.50.