Keppel Offshore & Marine pocketed $3.5b worth of new orders

But revenue recognition was disappointing.

According to Phillip Securities, O&M revenue recognition was slightly lower than expectations, but 2Q13 O&M margin hold up at 14.2% (vs. 14.1% in 1Q13; 13.2% in 2Q12) despite conservative profit recognition for the Sete Brasil semi-submersible.

Keppel delivered 11 out of 20 jack-up rigs (6 units in 2Q13) due for delivery in 2013; with another 9 jack-up deliveries coming up this year, analysts expect O&M margins to remain resilient at 14-15% for 2H13.

Here's more from Phillip Securities:

Keppel has secured S$3.5bn of new orders YTD, representing 59% of our forecast of S$5.9bn for FY13E.

Despite near term volatility in oil price, management remains positive on outlook prospects and sees rising energy demand from emerging countries as well as depletion in existing oil fields. Given that 48% of the global jack-up fleet is over 30 years old (figure 4), we believe that replacement demand should continue to drive order momentum for newbuild jack-ups going forward.

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