Keppel Land China expands portfolio with maiden site in Nantong

Keppel Land China expands portfolio with maiden site in Nantong:

• Press Release

Key Points

• Keppel Land China, through its wholly-owned Singapore subsidiary, Merryfield Investment Pte Ltd, has secured a 17.2 hectare site within the main city of Nantong, Jiangsu province, for RMB 1.04 billion (S$ 202 million) for a lakefront residential development.
• Keppel Land China’s maiden property development in Nantong is located in the established town centre of the state-level Nantong Economic & Technological Development Area (NETDA), now home to 50 of the Fortune 500 enterprises.
• The exclusive low-density residential development will comprise about 1,000 homes, ranging from villas, terraces, duplexes to high-rise apartments supported by complementary lifestyle commercial facilities. Targeted at the high income segment, the first phase is expected to be launched in the first half of 2012.

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• Kepland acquires an additional stake in Jiangyin Evergro Properties Co., Ltd
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Keppel secures S$240 million worth of conversion and specialised shipbuilding contracts

Keppel secures S$240 million worth of conversion and specialised shipbuilding contracts:

• Press Release

Key Points

• Keppel Offshore & Marine Ltd (Keppel O&M), through wholly-owned subsidiaries Keppel Shipyard Limited and Keppel Singmarine Pte Ltd, has clinched new contracts totalling S$240 million.
• These comprise the upgrading of a Floating Production Storage and Offloading (FPSO) vessel, the conversion of a livestock carrier, as well as the building of a diving support vessel.
• With these latest projects, the total value Keppel O&M in 2010 has edged up to S$3.2 billion.
• Additionally, Keppel Shipyard has secured its third livestock carrier conversion project from the Hijazi & Ghosheh Group, a world-leading owner and operator of such vessels. 
• This contract involves converting the Reestborg container ship into a livestock carrier for Hijazi & Ghosheh’s affiliate company, Reestborg Compania Naviera S.A. 
• Keppel Shipyard’s work scope includes providing design engineering services, equipment procurement, as well as modifying the ship’s structural, piping and electrical systems. 
• When completed in the second quarter of 2011, the livestock carrier will ply the route between Australia and the Middle East.
• Fortifying its track record for customised ship solutions, Keppel Singmarine has also won a contract from a Malaysian customer to build a diving support vessel.
• The 80-metre ship will be based on a new design specially developed by Keppel’s Marine Technology Development unit for the customer. 
• When completed in the second quarter of 2012, this diving support vessel will be able to perform multiple functions including rescue and subsea operations.

Related Posts

• Keppel to build US$180 million KFELS B Class Jackup for Jasper
• Keppel seals US$360 mil contract with mermaid’s asia offshore drilling for two newbuild jackups - 2 DEC 2010
• Keppel wins US$180 mil KFELS B Class jackup rig contract from Standard Drilling

Keppel to build US$180 million KFELS B Class Jackup for Jasper

Keppel to build US$180 million KFELS B Class Jackup for Jasper:

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has secured an order for a KFELS B Class jackup rig worth about US$180 million from Jasper Investments Limited (Jasper), with an option for another similar unit. 
• The rig is slated for delivery in 2H 2012.
• If exercised, the option for the additional rig will bring the total contract value to about US$365 million.
• Total value of new contracts secured in 2010 reaches S$3 billion.

About Jasper Investments Limited
Jasper Investments Limited is a holding company listed on the SGX since 1993 which principally invests in the offshore oil and gas drilling and services sector. Jasper’s principal subsidiary, Jasper Offshore, owns and operates oil rigs for deep sea drilling which are contracted out to oil and gas exploration and production companies. For more information on Jasper Investments, please visit http://www.jasperinvests.com/index.php.

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• Keppel seals US$360 mil contract with mermaid’s asia offshore drilling for two newbuild jackups - 2 DEC 2010
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K-Reit completes acquisition of 77 King Street

(I) COMPLETION OF ACQUISITION OF 77 KING STREET
(II) USE OF PROCEEDS FROM THE NOV 2009 RIGHTS ISSUE 

• Press Release

Key Points

• Further to the announcement dated 19 July 2010 in relation to the acquisition of 100% interest in Lots 1, 3, 4 and 5, 77 King Street, Sydney, Australia (the “Acquisition”), the Acquisition has been completed.
• The Acquisition was financed with S$19.4 million from K-REIT Asia’s rights issue in November 2009 (the “Rights Issue”) and additional borrowings. 
• Such use of proceeds of the Rights Issue is in accordance with the stated use and the percentage of the proceeds allocated to such use.
• As at the date of this announcement, the Manager has disbursed all the proceeds from the Rights Issue.

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• Financial News - 19 JUL 2010: K-REIT - ACQUISITION OF THE OFFICE TOWER AT 77 KING STREET, SYDNEY, AUSTRALIA

Kepland completes divestment of one-third interest in MBFC Towers 1 & 2 and Marina Bay Link Mall - 15 DEC 2010

Completion of
(i) divestment of one-third interest in Marina Bay Financial Centre Towers 1 & 2 and Marina Bay Link Mall; and
(ii) acquisition of Keppel Towers and GE Tower

• Press Release

Key Points

• Keppel Land has completed divestment of the one-third interest in the MBFC 1 Property to K-REIT Asia, and the acquisition of the KTGE Property from K-REIT Asia on 15 DEC 2010. 
• The net proceeds received by Keppel Land from the Transactions was about S$826 million.

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Singapore's rig builders gain as oil drilling industry recovers

Singapore's rig builders gain as oil drilling industry recover:

Source


The oil drilling industry has bounced back after a hiatus brought about by the Gulf of Mexico oil spill and the global economic slump.

Analysts estimate that oil rig orders worth US$74 billion will be placed in the next three years and Singapore's offshore-and-marine (O&M) sector is poised to win big.

On Monday, oil prices breached two-year highs, hitting US$91 a barrel.

Analysts say high energy prices will boost capital expenditure on oil-rigging assets, especially in deepwater oil fields.

Low Pei Han, Investment Analyst, OCBC Investment Research, said: "After being badly hit by the financial crisis, the jack-up rig market has recovered, especially the premium rig segment.

This refers to jack-ups of independent leg units of water depth greater than 300 feet and rigs with higher hook load capacity.

Recent orders secured by Sembcorp Marine and Keppel Corp have been for rigs of this type. And it reaffirms the confidence in the jack-up rig market."

Keppel and Sembcorp have bid for US$8.7 billion worth of contracts from Brazilian oil giant Petrobas.

Meanwhile, analysts are expecting more replacement demand to kick in from next year onwards.

About 60 per cent of the world's oil rigs are more than 25 years old.

Ng Kian Teck, Investment Analyst, SIAS Research, said: "The trend we are seeing right now is that orders are coming in partly because of the deepwater oil spill in the US itself.

Some of the oil operators want to be more cautious and they want to replace the older rigs that they have."

Analysts are optimistic about the long-term prospects for Singapore's O&M companies.

Ms Low said: "Going forward, we think that the demand for such rigs is going to stay strong, as oil companies are increasingly forced to search for oil in deeper waters and harsher conditions.

Indeed the global demand for such rigs have increased over the years, where the number of other kinds of jack-up rigs have fallen since 2000."

Many analysts expect oil prices to breach US$100-a-barrel mark next year, thanks to robust energy demand in China and a weak US dollar.

Kepland acquires an additional stake in Jiangyin Evergro Properties Co., Ltd

Kepland acquires an additional stake in Jiangyin Evergro Properties Co., Ltd:

• Press Release

Key Points

• Keppel Land's indirect subsidiary, Shanghai Merryfield Land Co Ltd, has bought an additional 16.5 per cent stake in Jiangyin Evergro Properties Co Ltd (JEP).
• JEP owns the right to develop a residential and commercial mixed use site located in Cheng Jiang District in Jiangyin, China.
• With this acquisition, Keppel Land's aggregate effective interest has increased from 82.9% to 99.4%.
• The stake was bought from Jiangyin Evergro's shareholder, Jiangyin City Development Ltd, for RMB 36.9 million.

Keppel Corp Updated Target Price following Announcement of New Contract

Keppel Corp Updated Target Price following Announcement of New Contract:

DMG	BUY	S$12.00	03/12/10
OCBC	BUY	S$12.50	03/12/10
KIM ENG	BUY	S$12.30	03/12/10
DBS	BUY	S$12.20	03/12/10
Phillips	BUY	S$12.52	06/12/10

Latest updates at Stock Target Price.

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K-Reit Updated Target Price

K-Reit Updated Target Price:

CIMB

UNDERPERFORM

1.43

19/10/10

Latest updates at Stock Target Price.

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Keppel Land Divestment of MBFC phase 1 confirmed as capital gain and not taxable - 6 DEC 2010

Update on proposed divestment of a one-third stake in MBFC phase 1 and proposed acquisition of KTGE.

• Press Release

Key Points

• Inland Revenue Authority of Singapore has confirmed that the gains from the proposed divestment of MBFC 1 is capital in nature and hence not subjected to tax. 
• The group would expect to realise a net gain of S$394 million from the MBFC 1 Transaction as compared to S$321 that the company had announced last month.

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• K-Reit's proposed acquisition of a one-third stake in MBFC phase 1 and proposed divestment of KTGE - 11 OCT 2010

Seadrill takes delivery of sixth KFELS B Class jackup rig - 3 DEC 2010

Seadrill takes delivery of sixth KFELS B Class jackup rig.

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has delivered the KFELS B Class jackup rig, West Juno, to Seadrill Jack-ups Limited (Seadrill) on time, within budget and with a perfect safety record.
• Including West Juno, Keppel-built rigs in Seadrill’s current fleet include 10 jackup rigs and six KFELS semisubmersible drilling tenders (SSDT). 
• One other SSDT is currently under construction. 
• West Juno joins the ranks of 32 other KFELS B Class jackups operating in different parts of the world, fortifying the track record of this winning rig design.
  

About Seadrill Limited
Listed on the New York Stock Exchange and the Oslo Stock Exchange, Seadrill is an international offshore drilling contractor providing services within drilling and well services. The company operates a versatile fleet of 54 units that comprises drillships, jack-up rigs, semi-submersible rigs and tender rigs for operations in shallow to ultra-deepwater areas in harsh environment and benign environments.

Keppel seals US$360 mil contract with mermaid’s asia offshore drilling for two newbuild jackups - 2 DEC 2010

Keppel seals US$360 mil contract with mermaid’s asia offshore drilling for two newbuild jackups.

• Press Release

Key Points

• Keppel FELS Limited (“Keppel FELS”) has signed a contract to build two proprietary KFELS B Class jackup rigs worth US$360 million with Asia Offshore Drilling Limited ("AOD"), a 49% owned affiliate of Mermaid Maritime Public Company Limited (“Mermaid”). This follows a Letter of Intent entered into by Keppel FELS and Mermaid on 22 October 2010.
• The two jackup rigs are scheduled for delivery in 2012 and 2013 respectively.
• As part of the contract, AOD 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 above US$720 million.  

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• Keppel FELS enters into Letter of Intent with Mermaid for two newbuild jackup rigsworth US$360 million - 22 OCT 2010