Friday, June 29, 2012

Kep Corp

Kep Corp: Secured contracts worth a total of about US$70m in the U.S. and Azerbaijan. One contract is from Transocean Offshore Deepwater Drilling Inc. (Transocean) to repair and upgrade the semisub (semi) rig Sedco 707 in US. The contract is expected to be completed by 1Q2013. The other contract is to build a floating dock for Baku Shipyard LLC. Expected to be completed in 4Q 2013, the floating dock will be 168m by 50m and equipped with two sets of 25 ton Jib Cranes. The work will be handled by co's shipyard in Caspian Shipyard Co which includes steelworks construction and the fabrication of the hull structure. Kep Corp trades at 8.3x trailing P/E vs avg of 13.2x

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