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Non-Tech : Shipbuilders and shipyards
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To: Lynn who wrote (28)5/7/2008 12:15:28 PM
From: Lynn  Read Replies (1) of 61
 
Flash: Keppel Corp (KPLM.SI): Buy: Another New Order (C)
7 May 2008 - 8 pages

* S$210m order - Hot on the heels of the US$512m semi-sub order
announced yesterday, KEP has clinched another S$210m worth of
orders for two offshore support vessels from a repeat customer.

* Construction vessel - The first order is for a derrick pipelay
vessel for Global Offshore International, suitable for worldwide
offshore construction operations. The vessel is expected to be
delivered in 2Q11, and we estimate it to be worth ~S$140m.

* Multi-functional support vessel - The second order is for a
multi-functional support vessel for Emas Offshore, a subsidiary
of Ezra Holdings (EZRA.SI - S$2.45; NR). Apart from deepwater
anchor handling, towing and supply operations, the vessel will
be able to carry highly hazardous liquid, and perform deepwater
well-installation and well intervention services. According to
Ezra's announcement, the order is worth ~S$70m, for delivery in
4Q10.

* Order momentum continues - As we highlighted in our previous
note, order momentum for Keppel is set to continue given
sustained strength of the O&M cycle, particularly in the
deepwater segment. The latest orders also indicate a shift in
new orders toward construction and offshore support vessels,
away from drilling equipment.
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