KEPPEL CORPORATION LIMITED
BN4.SI
Keppel Corporation: Always looking for new opportunities
- Keppel Corporation (KEP) recently delivered what it described as one of the world’s largest harsh environment enhanced mobility land rigs. The unit was delivered 41 days ahead of schedule and the undisclosed customer is a “major operator”.
- This is the first land rig of its type to be built by KEP, and extends the track record of Keppel AmFELS as the leading rig building yard in the Gulf of Mexico.
- Recall that the contract was announced in Dec 2014 with a price tag of US$100m for the engineering, procurement and construction of the rig. This development illustrates the group’s continuing drive to look for new opportunities, and while we note KEP’s wide range of businesses (property, infrastructure, etc.), the substantial offshore & marine segment still weighs on overall sentiment.
- Maintain HOLD with S$5.57 fair value estimate.
Low Pei Han CFA
OCBC Securities
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http://www.ocbcresearch.com/
2016-06-27
OCBC Securities
SGX Stock
Analyst Report
5.57
Same
5.57
