Check out Cosco's pricing strategy against Keppel

Cosco's recent US$170mn contract was 19% cheaper than the price which Keppel secured for a similar design.

Here's more from Nomura:

Cosco recently announced that it secured a US$170mn contract from Talland Navigation Limited Corporation, a subsidiary of Foresight Limited (London). The contract is for the construction of 1x jack-up drilling rig based on the LeTourneau Super 116E Class design. Delivery is slated for 1Q2015.

This is the third jack-up rig secured after the maiden US$356mn contract from KS Energy for 2x jack-up drilling rig secured in May 2011. The pricing for the new rig is largely in line, given the lower specifications.

However, we note that this contract is ~19% cheaper than the price which Keppel secured for a similar design in Apr 2012. As such, we estimate that the margin on this project is likely to be in the mid- to high-single digits, barring any execution hiccups.

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