Keppel clinches $400m deals on average every three weeks: analyst

YTD orders are 60% higher than 7M12's.

According to CIMB, Keppel’s FY13 order momentum has accelerated as the group clinches contracts every three weeks at values of S$400m on average.

YTD orders are also 60% higher than the amount in 7M12, excluding mega-contracts from Petrobras.

Here's more from CIMB:

Keppel has secured another B-class jack-up rig order (US$206m) for Mexican waters. The contract value of US$206m is on par with the last Mexican order received from Grupo R in mid-Jul, also for 4Q15 delivery. We think this rig could be the last of 2015 deliveries as yard slots are tight in addition to long lead times for new BOP packages (two years).

The unabated demand for rigs to meet Pemex’s needs in Mexico could spur new asset investors/ speculators into ordering more newbuilds, in our view. So far, the orders from Mexico have come from oil-&-gas-related companies such as Oreo Negro.

Parden could be among the first few opportunistic asset investors from South America riding on the tide.

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