CIMB upgrades Keppel Corporation order win forecast to S$6bn in FY14-15

Research firm cites 2 reasons.

"We upgrade our FY14-15 order win target to S$6bn (from S$5.5bn) p.a. as we expect strong jack-up rigs orders along with a recovery in other equipment (FPSO conversions, semi-subs, semi-sub accommodation) orders," said CIMB in a note following Keppel Corporation's strong 3QFY13 results release.

"We also expect to hear about its maiden drillship order soon as the enquiry is active," it added.

Keppel has secured about S$5.1bn worth of orders YTD, with c.75% coming from jack-up rigs, with FY14 orders likely to be led by repeat orders.

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