Keppel's latest semi-sub deal boosts order wins to $4.3b

Orderbook is currently pegged at $14.3b.

According to CIMB, Keppel added a US$280m accommodation semi-submersible (semi) from Floatel to its orderbook. The fifth accommodation semi will be delivered in 4Q15. The current unit will be built based on Keppel’s proprietary SSAU 5000NG design.

Keppel is constructing two other accommodation semis for Floatel – Floatel Victory (US$260m) for delivery in 4Q13/1Q14 and Floatel Endurance (US$315m) for delivery in 1Q15.

Here's more from CIMB:

The latest accommodation semi is priced at a 7% premium to the sister unit, Floatel Victory, as it is an enhancement to the SSAU 4000NG design. However, it is lower than Floatel Endurance as the latter was built for the Norwegian sector’s harsher environment.

Payment terms are “back-end loaded” with no further details provided. According to a credit research report by Fernley Securities in Sep 2012, Floatel Victory’s payment terms were 2%/18%/20%/60%, with accrued interest of 8% and 20/80% for Floatel Endurance.

The current contract lifts KEP’s YTD order win to S$4.3bn, 72% of our S$6bn target for 2013. We estimate its current orderbook at S$14.3bn.

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