3 important facts you need to know about KepCorp's latest order win

Its fifth order from repeat Mexican client since 2002.

According to DBS, Keppel Corp, through its US-based wholly-owned subsidiary - Keppel AmFELS LLC, has won a contract from Perforadora Central to build a KFELS B Class jackup rig worth US$240m, including owner furnished equipment.

Here's more from DBS:

Scheduled for delivery in 4Q 2015, the jackup rig is intended for operations in offshore Mexico. Built to Keppel’s well established KFELS B Class design, the rig will be able to operate in water depths of up to 400 feet, drill to depths of 30,000 feet with accommodation for 126 persons and a BOP system of 18-3/4 x 15,000 PSI.

It is worth noting that:
(i) The latest contract is the fifth order from repeat Mexican customer, Perforadora Central, since 2002;

(ii) The first order was built according to the premium KFELS B Class design, but the subsequent three were based on the LeTourneau Super 116E design. We see Perforadora’s switch back to KFELS B Class as a strong affirmation of Keppel’s proprietary design;

(iii) Keppel O&M has emerged to be the leading rig provider to the Mexican market, with a total of 20 projects delivered or on order for Mexico, of which 15 are based on Keppel's proprietary KFELS B Class design.

This brings Keppel Corp’s YTD order wins to S$5.3bn, making up 89% of our FY13 assumption of S$6bn. If the orders for six jackup rigs (part of the MOU with PEMEX to joinly develop a yard facility in Mexico) are effective before the year end, these contracts could add c.S$1.6bn, blowing past our order win assumption.

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