Singapore yards basking in sudden boom in Mexican orders

35% of Keppel's orders are from Mexican firms.

According to CIMB, it estimates Keppel’s order book now stands at S$14bn. YTD, about 35% of Keppel’s orders are for the Mexican waters.

Similarly, its rival Sembcorp Marine also has about 32% of its 2013 orders from Mexican operators.

CIMB believes that after the mega orders of drillships/semi-subs in 2012 from the Brazilian operators, investments from Mexican operators could be the next to watch out for.

Here's more:

Keppel has received another jack-up rig order from Mexican conglomerate Grupo R worth US$206m for delivery in 4Q15. In Mar FY13, Keppel clinched four similar jack-up rigs orders worth US$205m per rig for delivery from 2Q15 to 4Q15.

We also believe that Keppel’s 2015 delivery slots are almost full, with two or three more jack-up rigs to go. With more than 90% of its order book filled with benign jack-up rigs YTD, we think upside to Keppel’s order book will come from diversification of products such as FPSO conversion, semi-sub accommodation, semi-submersibles and harsh-environment jack-ups.

These products made up for about 90% of its 2012 non-Petrobras orders.

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