Brazil's EAS leads in Petrobras' rigs tender

Source

EAS bids $4.65 billion for seven drilling rigs

• Petrobras plans to hire up to 28 rigs  
• Firms have five days to file appeals

SAO PAULO, Nov 26 (Reuters) - Brazilian shipyard Estaleiro Atlantico Sul (EAS) submitted the lowest bid in a tender for the building of seven drilling rigs for Petrobras (PETR4.SA), the Brazilian state-run oil company said on Friday.

EAS, a consortium formed by South Korea's Samsung Heavy Industries (010140.KS) and local construction giants Queiroz Galvao and Camargo Correa, presented a $4.65 billion bid on Thursday beating out six other groups.

Companies that also presented bids included Brazilian consortium Alusa Galvao, who offered $4.679 billion, and overseas giants such as Singapore's Sembcorp Marine (SCMN.SI) and Keppel Corp (KPLM.SI).

Petrobras plans to hire a total of up to 28 new drilling rigs to be built in Brazil to explore oil reserves in deep waters, including the subsalt. According to initial plans, the rigs were expected to be delivered between 2013 and 2018.
Petrobras will allow five days for companies to file appeals before making a final announcement on the winner for the massive order.

Keppel Corp Updated Target Price following Announcement of New Contract

Keppel Corp Updated Target Price following Announcement of New Contract:

DMG	BUY	S$11.00	26/11/10
OCBC	BUY	S$12.50	26/11/10
KIM ENG	BUY	S$11.70	26/11/10
CIMB	OUTPERFORM	S$13.00	26/11/10
DBS	BUY	S$12.20	29/11/10

Latest updates at Stock Target Price.

Related Posts

• Keppel wins US$180 mil KFELS B Class jackup rig contract from Standard Drilling

Keppel wins US$180 mil KFELS B Class jackup rig contract from Standard Drilling

Keppel wins US$180 mil KFELS B Class jackup rig contract from Standard Drilling.

Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has secured an order for a KFELS B Class jackup rig worth US$180 million from Standard Drilling Ltd (Standard Drilling), a subsidiary of Norwegian investment company, Ferncliff TIH AS Group (Ferncliff).
• As part of the agreement, Standard Drilling has been given options to build another two similar jackup units. If exercised, the options for the additional two rigs will bring the total contract value to about US$550 million.
• The first rig is slated for delivery in 2H 2012.

Keppel & Nakilat launches premier marine & offshore facility in Qatar - 24 NOV 2010

Keppel & Nakilat launches premier marine & offshore facility in Qatar. See press release.

Key Points

• Nakilat-Keppel Offshore & Marine (N-KOM), Qatar’s premier offshore and marine facility jointly developed by Keppel Offshore & Marine Limited (Keppel O&M) and Qatar Gas Transport Company Ltd (Nakilat), was launched yesterday.
• N-KOM is a 43-hectare world-class shipyard facility in which Nakilat owns 80 percent and Keppel the other 20 percent.
• Located at the north-eastern tip of Qatar within the Ras Laffan Industrial City and close to the LNG terminals and the Ras Laffan Port, N-KOM boasts some of the most technologically advanced equipment for increased efficiency, quality and safety.

Kepland Updated Target Price

Kepland Updated Target Price:

Phillips

HOLD

S$5.04

19/11/10

Latest updates at Stock Target Price.

Proposed issue of S$500 million 1.875% convertible bonds due 2015 - 19 NOV 2010

Proposed issue of S$500 million 1.875% convertible bonds due 2015. See press release.

Key Points

• Proposed issue of an aggregate principal amount of S$500 million 1.875 per cent Convertible bonds due 2015, which are convertible into fully paid-up new ordinary shares in the capital of the Company.

Keppel Land initiates special preview to meet demand for Lakeside homes - 12 NOV 2010

Keppel Land initiates special preview to meet demand for Lakeside homes. See Press Release.

Key Points

• Keppel Land initiated a special preview for its latest residential development, The Lakefront Residences (湖畔雅居) which met with positive response.
• Positive take-up of about 250 units at an average price of approximately $1,020 psf. 
• When completed in end-2013, The Lakefront Residences will comprise a total of 629 homes, ranging from 1-to 4-bedroom and penthouse units.

Keppel Land to issue S$500 million convertible bond - 9 NOV 2010

Keppel Land to issue S$500 million convertible bond.

• Press Release
• Announcement

Key Points

• The Singapore-dollar denominated bonds will bear interest at the rate of 1.875% per annum, payable semi-annually in arrears.
• The initial conversion price has been set at a 33% premium over the closing price of S$5.05 per Keppel Land share on 8 November 2010.
• The convertible bonds, which have a term of 5 years, will be convertible into new Keppel Land ordinary shares at an initial conversion price of S$6.72 per new share.
• Upon full conversion of the bonds, a total of 74,404,761 new Keppel Land ordinary shares will be issued, representing 5.13% of Keppel Land’s existing issued and paid-up share capital as at 8 November 2010.
• Keppel Land intends to use the net proceeds of approximately S$493 million in the following manner:
• approximately 80% to 100% to finance potential acquisition opportunities which the Company may pursue in the future as part of its strategic objectives and/or to refinance existing debts; and
• approximately 0% to 20% for general corporate and working capital purposes. 

Keppel Land acquires an additional 11.85% stake in Ocean Properties Pte. Limited - 8 NOV 2010

Keppel Land acquires an additional 11.85% stake in Ocean Properties Pte. Limited.

• Press Release

Key Points

• Keppel Land's wholly-owned subsidiary, Straits Property Investments Pte Ltd, has acquired an additional 11.85% stake in Ocean Properties Pte. Limited (“OPPL”), from an existing shareholder of OPPL, namely The Hongkong and Shanghai Banking Corporation Limited. 
• Prior to the Acquisition, the Company held a 75.66% stake in OPPL.
• OPPL, a company incorporated in Singapore, is the developer and owner of Ocean Financial Centre.

New Dividend Page

Have created the new Dividend Page that compiles the dividend information of the Keppel family:
http://keppelinvestor.blogspot.com/p/dividend.html

Keppel's eco homes in Tianjin Eco-City draw strong buyer interest - 1 NOV 2010

Keppel's eco homes in Tianjin Eco-City draw strong buyer interest. Press release.

Key Points

• Sold more than 90% of the 220 units released for during the soft launch of its Seasons Park residential development in the Sino-Singapore Tianjin Eco-City (Tianjin Eco-City).
• Seasons Park, comprising a total of 1,672 residences, is the first collection of eco-homes to be launched in the Keppel development where Keppel Corporation and Keppel Land have interests of 45% and 55% respectively. 
• Keppel Land is also the project manager for the Keppel development.

Safe and early delivery of Floatel’s second unit earns Keppel US$1.1 million bonus - 29 OCT 2010

Safe and early delivery of Floatel’s second unit earns Keppel US$1.1 million bonus. See press release.

Key Points

• Keppel FELS Limited (Keppel FELS) has surpassed its earlier track record for Floatel International (Floatel), with the delivery of the latter’s second semisubmersible accommodation rig, Floatel Reliance, 63 days early, within budget and without any lost-time incidents, meriting a bonus of US$1.1 million.
• Floatel Reliance is contracted to Petrobras for five years, with operations expected to commence early 2011. The rig will be wet-towed from Singapore to Rio de Janeiro on a voyage expected to last up to 65 days.