Keppel Offshore & Marine brushes off woes of labour shortages in Brazil yards

Here's the reason why.

According to DBS, Keppel's core net profit grew 5% q-o-q to S$346m, slightly below expectations due to higher tax rate for overseas income. O&M saw a slight uptick in EBIT margin from 14.1% last quarter to 14.2%.

A positive surprise was the dividend-in-specie of 8 KREIT shares for 100 Keppel shares, equivalent to10.8 S cts per Keppel share, bringing total interim DPS to 20.8 S cts.

Here's more from DBS:

Petrobras projects are on track. Management reassured investors that Keppel’s Petrobras related projects are on schedule and budget. There are no labour shortages seen at their Brazil yards. We believe the price premium, escalation clauses on inflation and forex fluctuations, over 10 years of operating experience in Brazil and excellent risk management distinguishes Keppel from other players that have run into operational issues in Brazil.

Earnings recognition for the second (out of six) semi-submersible and first (out of two) FPSO projects for Petrobras will kick in from 1Q14.

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