Keppel Offshore & Marine's order wins jump to $3.7b

Thanks to recent Mexican deal.

According to OSK DMG, Keppel Corp (KEP SP; Neutral; TP: SGD11.21)’s Keppel O&M secured a contract from Mexico-based Grupo R to build a KFELS B Class jackup rig for USD206m.

Grupo R is a repeat customer and the rig is scheduled to be delivered in 4Q2015.

Here's more from OSK DMG:

The new order lifted Keppel O&M’s YTD order win to SGD3.7bn, 75% of our FY13 forecast, and we estimate net order book at SGD15.2bn, equivalent to two years revenue.

No change to our EPS estimates as the win remains within our expectations but we do see some upside risk to our SGD5bn new order forecast.

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