Keppel to build new generation accommodation semi worth US$260 million for Floatel

Keppel to build new generation accommodation semi worth US$260 million for Floatel:

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has been awarded a contract worth about US$260 million by returning customer, Floatel International Ltd (Floatel), to build a new generation accommodation semisubmersible (semi) for delivery in 1Q 2014.
• This new rig developed by Keppel O&M’s Deepwater Technology Group, will be built to the SSAU4000NG design with Dynamic Positioning (DP) 3 capability. It marks Keppel FELS’ third accommodation semi project with Floatel, after the delivery of Floatel Reliance (SSAUTM 3600 with DP2) and Floatel Superior (DSSTM 20NS with DP3) last year.

Related Posts

• Safe and early delivery of Floatel’s second unit earns Keppel US$1.1 million bonus - 29 OCT 2010  
• Financial News - 19 MAR 2010: Keppel delivers Floatel Superior 43 days early

Keppel wins 8th drilling tender contract from Seadrill worth US$142 million

Keppel wins 8th drilling tender contract from Seadrill worth US$142 million:

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has been awarded a US$142 million contract by Seadrill to build a repeat semisubmersible drilling tender (SSDT) based on the KFELS SSDTTM 3600E design.
• Scheduled for delivery in 2Q2013, this is the eighth drilling tender that Keppel will be building for Seadrill since the launch of the design in 1994.
  

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

Keppel Land China secures 7.2 hectare site in Shanghai for S$241 million Email Print Bookmark and Share Keppel Land China secures 7.2 hectare site in Shanghai for S$241 million

TODAYonline | Business | Business in Brief | Keppel Land China secures 7.2 hectare site in Shanghai for S$241 million

Keppel Land China secures 7.2 hectare site in Shanghai for S$241 million  Email Print Bookmark and Share Keppel Land China secures 7.2 hectare site in Shanghai for S$241 million:

• Press Release

Keppel secures B Class jackup rig order from Dynamic Offshore Group

Keppel secures B Class jackup rig order from Dynamic Offshore Group:

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has secured a contract with Vision Drilling Pte Ltd (Vision Drilling), a wholly-owned subsidiary of Dynamic Offshore Drilling Limited (Dynamic Offshore Drilling), to build its first KFELS B Class jackup drilling rig for US$180 million.
• Slated for delivery in 1Q2013, the rig will be able to operate in water depths of 350 feet with a drilling depth of 30,000 feet and accommodate 120 men.
• Dynamic Offshore Drilling has the option to build an additional rig to be exercised before 3Q2011.

About Dynamic Offshore Drilling

Dynamic Offshore Drilling is part of the Jaguar Group, an ISO-9001:2008 certified EPC Company with its operations in India, Africa, S.E. Asia, Middle East and South America. already has its presence in offshore drilling business through its wholly owned subsidiary Deepwater Drilling & Services Pvt. Ltd, which currently is operating a Jack up drilling rig contract worth USD 71 M for National Oil Company ONGC. Dynamic Offshore Drilling is a newly incorporated drilling company domiciled in Cyprus and aiming to be a significant player in the premium Jackup segment focusing on the Asian and African Markets. The company is backed by strong industrial house and senior management team having more than 200 man years of combined drilling experience, project management and engineering excellence backed by a strong commitment to QHS&E systems and procedures with a dynamic continuous auditing and improvement process. Dynamic Offshore is planning to be listed in the stock exchange in a short span of time.

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• Keppel to build 4 repeat jackup rigs worth US$772 million for Standard Drilling

Keppel to build 4 repeat jackup rigs worth US$772 million for Standard Drilling

Keppel to build 4 repeat jackup rigs worth US$772 million for Standard Drilling:

• Press Release

Key Points

• Keppel FELS Limited’s (Keppel FELS) returning customer, Oslo-listed S.D. Standard Drilling Plc (Standard Drilling), has ordered four repeat KFELS B Class rigs worth US$772 million. Successive deliveries of these units are scheduled between 2H2013 and 1H2014.
• Standard Drilling ordered its first jackup rig from Keppel FELS in November 2010 with two options. In addition, it acquired two jackups under construction as well as two option rigs from Clearwater Capital Partners LLC (Clearwater), another Keppel FELS customer, in a transaction where Clearwater became the largest shareholder of Standard Drilling.
• Standard Drilling now has a combined fleet of seven KFELS B Class rigs, all being built exclusively at Keppel FELS.
• The four new orders from Standard Drilling have brought the total value of contracts secured by Keppel Offshore & Marine for the year-to-date to more than S$6.4 billion.

Related Posts

• Keppel wins US$180 mil KFELS B Class jackup rig contract from Standard Drilling 
• Keppel wins twin jackup rig order from Gulf Drilling at US$393 million
   

Keppel wins twin jackup rig order from Gulf Drilling at US$393 million

Keppel wins twin jackup rig order from Gulf Drilling at US$393 million:

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has secured contracts to build two high-specification KFELS B Class Bigfoot jackup rigs from returning customer Gulf Drilling International Ltd. (q.s.c.) (GDI) of Qatar, worth about US$393 million. 
• These latest contracts follow closely after Keppel FELS was awarded a newbuild jackup rig contract by one of GDI’s Shareholders, Japan Drilling Company, in March this year.
• Scheduled for delivery in the third quarters of 2013 and 2014, the two latest rigs mark GDI’s first new orders in six years, and will increase the company’s jackup fleet count to seven units.

About Gulf Drilling International Ltd. (q.s.c.)
GDI is a world class drilling service provider offering safe, efficient and innovative drilling services. On May 18, 2004 GDI, was established as the first onshore and offshore oil and gas drilling company in Qatar. GDI was formed as a joint venture between Qatar Petroleum (QP 60%), Qatar’s national oil corporation, and Japan Drilling Co., Ltd. (JDC 40%), a Japanese drilling company with more than 40 years of offshore experience. The paid-up capital was US$ 103.2 Million.

In July 2007, QP acquired another 25% of JDC shares raising their ownership in GDI to 70%. On 12th February 2008, the shares of QP were transferred to Gulf International Services (q.s.c.) (GIS) which became a public shareholding company on 26th May 2008 and is listed on the Qatar Exchange. GIS now holds 70% of the shares of GDI.

GDI is a growth-oriented company. GDI’s rig fleet has grown to nine rigs and its workforce to 830 employees. It currently operates a fleet consisting of five offshore jack-up rigs and four land rigs. GDI is already the owner of two jack-up rigs built by Keppel FELS; the Al-Khor, delivered in December 2006 and the Al-Zubarah, delivered in February 2008.

For more information on GDI, please visit www.gdi.com.qa

Keppel Corp Bonus Issue - Listing of Bonus Shares and Trading in Odd-lots

Keppel Corp Bonus Issue - Listing of Bonus Shares and Trading in Odd-lots:

• Press Release

Key Points

• The Bonus Shares will rank pari passu in all respect with existing shares in the capital of the Company, except that Bonus Shares will not be entitled to the final dividend in respect of the financial year ended 31 December 2010. 
• The Bonus Shares will be listed and quoted on the Singapore Exchange Securities Trading Limited (“SGX-ST”) and trading in the Bonus Shares is expected to commence at 9.00 a.m. on 9 May 2011.
• For the purposes of trading on the Main Board of the SGX-ST, each board lot of KCL shares comprises 1,000 KCL shares. However, Shareholders who receive odd-lots of Bonus Shares pursuant to the Bonus Issue should note that a temporary counter for trading of KCL shares in board lots of 100 KCL shares has been established for a period of one calendar month from 9 May 2011 to 9 June 2011 (“Concession Period”) for their convenience.

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• Keppel Corp Q4 2010 Quarterly Earnings Report

Keppel Corp Updated Target Price following Q1 2011 result release

Keppel Corp Updated Target Price following Q1 2011 result release:

Brokerage	Recommendation	Target Price (S$)	Date of Recommendation
CIMB	OUTPERFORM	14.70	21/04/11
DMG	BUY	14.05	21/04/11
OCBC	BUY	13.92	21/04/11
KIM ENG	BUY	15.30	21/04/11
DBS	BUY	14.90	21/04/11

Latest updates at Stock Target Price.

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• Keppel Corp Q1 2011 Quarterly Earnings Report

Keppel Land Updated Target Price following Q1 2011 result release

Keppel Land Updated Target Price following Q1 2011 result release:

Brokerage	Recommendation	Target Price (S$)	Date of Recommendation
CIMB	OUTPERFORM	5.29	20/04/11
KIM ENG	BUY	5.90	20/04/11
DBS	BUY	5.10	20/04/11
OCBC	BUY	5.09	20/04/11
Phillips	HOLD	4.92	21/04/11

Latest updates at Stock Target Price.

Related Posts

• Kepland Q1 2011 Quarterly Earnings Report

Keppel Corp Q1 2011 Quarterly Earnings Report

Keppel Corp Q1 2011 Quarterly Earnings Report:

• Results

Key Points

• Net profit improved 7.8% to S$346 million, compared to 1Q 2010’s S$321 million (restated).
• Earnings Per Share of 21.5 cents, up 7% from 1Q 2010’s 20.1 cents.
• Annualised ROE of 19.3%.
• Economic Value Added of S$225 million.
• Cash outflow of S$20 million.
• Net cash remains at 0.02x.
• The Offshore & Marine Division has secured $4.5 billion worth of new orders in the first quarter, more than what was secured for the whole of 2010. Since then, in the first weeks of April, it has secured a few more contracts, bringing the total of new orders secured year to date to $5 billion.

Related Posts

• Results Release  
• Keppel Corp Q4 2010 Quarterly Earnings Report
• Keppel Corp Q3 2010 Quarterly Earnings Report

Kepland Q1 2011 Quarterly Earnings Report

Kepland Q1 2011 Quarterly Earnings Report:

• Press Release and Financial Statements

Key Points

• Net profit grew 45.5% to $92.1 million on higher profit from property trading and K-REIT Asia as well as a gain from divestment of Keppel Digihub.
• Property trading achieved higher net profit of $51.6 million contributed by sales from Singapore residential projects and Elita Promenade in Bangalore.
• Keppel Land acquired a residential site in Sengkang while Alpha jointly acquired Capital Square and K-REIT Asia increased its stake in Prudential Tower from 73% to 93%.

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• Kepland Q4 2010 Quarterly Earnings Report
• Kepland Q3 2010 Quarterly Earnings Report
• Results Release

Keppel & Seafox Group’s MPSEP SEAFOX 5 secures first job in offshore wind market

Keppel & Seafox Group’s MPSEP SEAFOX 5 secures first job in offshore wind market:

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) is pleased to announce that a contract from the joint-venture Aarsleff Bilfinger Berger (ABJV) Dan Tysk, worth in excess of EUR 35 million, has been secured for SEAFOX 5, the KFELS Multi-Purpose Self-Elevating Platform (MPSEP) wind turbine installation vessel owned and managed with the Seafox Group. The customer ABJV DanTysk has an option to extend the charter by an additional 90 days.
• Keppel FELS is on track to complete the construction of SEAFOX 5 in the second half of 2012. When delivered, the vessel will be used for installing offshore wind foundations in the 288 megawatt (MW) DanTysk windfarm, developed by Europe’s leading energy company Vattenfall and Stadtwerke München, in the German sector of the North Sea. 
• A 75/25 joint venture (JV) company was formed between Keppel FELS and Seafox respectively, to build and own SEAFOX 5.

About ABJV DanTysk
ABJV DanTysk is a joint venture between Bilfinger Berger Ingenieurbau GmbH, Germany, and Per Aarsleff A/S, Denmark, both companies working as international contractors in major infrastructure projects In this long lasting cooperation ABJV has been awarded with more than 630 offshore wind turbine foundations and is the market leader for offshore foundations in Europe.

About Seafox Group
Founded in 1991, the Seafox Group is a leading provider of offshore accommodation and multi-support service jack ups across the world. The Seafox Group services a global range of customers with a primary focus on the Southern North Sea in Europe. It has extensive experience operating and managing assets in this region, which is known for its stringent rules and regulations, and difficult environment. Currently, the Group owns five jack-ups and 50 temporary living quarters. With the exception of the Seafox 3, all jack-ups are time chartered out on full service contracts to respectable customers (e.g. Shell, Total, ConocoPhillips etc.) in the Southern North Sea on short and long term bases.
The Seafox Group’s operational activities are fully outsourced to Workfox B.V./Ltd situated in Hoofddorp NL and Great Yarmouth UK. Workfox BV/Ltd is the leading operator of multi-support service jack-ups in the Southern North Sea and has been the exclusive manager of the Seafox fleet since the early 90’s.

K-Reit Updated Target Price following Q3 2010 result release

K-Reit Updated Target Price following Q3 2010 result release:

Brokerage	Recommendation	Target Price (S$)	Date
DBS Vickers	HOLD	1.32	15/04/11
CIMB	NEUTRAL	1.52	15/04/11

 

Latest updates at Stock Target Price.

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• K-Reit Q1 2011 Quarterly Earnings Report

EMAS to take delivery of one of Vietnam’s largest FPSOs from Keppel Shipyard

EMAS to take delivery of one of Vietnam’s largest FPSOs from Keppel Shipyard:

• Press Release

Key Points

• EMAS Production is set to take delivery of one of Vietnam’s largest Floating Production Storage and Offloading (FPSO) vessels from Keppel Shipyard Limited (Keppel Shipyard), on behalf of owner PV Keez Pte. Ltd (PV Keez).
• To be managed and operated by EMAS Production, FPSO Lewek EMAS has been chartered by Premier Oil Vietnam Offshore B.V. for the development of the Chim Sáo field off southern Vietnam for six years, with a further option to extend the charter by another six years. The FPSO charter contract is one of only seven signed worldwide in 2009, and is worth approximately US$1 billion.
• The project to convert the 168,000 dwt Suezmax tanker into an FPSO was awarded to Keppel Shipyard in December 2009. To date, Keppel Shipyard has achieved a good safety record of over 4.1 million incident-free man-hours for its conversion.

About EMASEMAS, a recognised leading global offshore contractor providing construction, marine, production and well intervention services, is the operating brand of Singapore listed Ezra Holdings Limited (以斯拉控股) and Oslo listed EOC Limited. EMAS specialises in delivering best-value solutions and has become a powerful alternative in the oil and gas(O&G) industry by combining a customised approach along with a widely diverse offering of assets and services to meet clients’ needs. EMAS operates globally with offices in 16 locations across five continents spanning Africa, the Americas, Asia Pacific and Europe. 

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K-Reit Q1 2011 Quarterly Earnings Report

K-Reit Q1 2011 Quarterly Earnings Report:

• Press Release
• Financial Results
• Presentation Slides

Key Points

• DPU of 1.79 cents for the reporting quarter. 
• Annualised 1Q2011 Distribution Per Unit (DPU) increased 34.7% to 7.26 cents.
• Distributable income for 1Q2011 rose 36.1% year-on-year to $24.3 million on account of contributions from newly acquired assets – 50% interest in 275 George Street in Brisbane, the office tower at 77 King Street in Sydney, and the one-third interest in Marina Bay Financial Centre Towers 1 & 2 and Marina Bay Link Mall (MBFC Phase One).
• Net property income (NPI) increased 7.6% year-on-year to $$14.9 million as result of contributions from the two Australian assets, offset by the divestment of Keppel Towers & GE Tower.
• Singapore property portfolio committed occupancy rose to 99.0% as at end-March 2011 from 98.7% as at end-December 2010, and is higher than Singapore core CBD occupancy of 94.4%.
• Gearing as at end-March 2011 increased marginally to 37.4%, from 37.0% as at end-2010.
• NAV per unit was $1.49 as at 31 Mar 2011.

Author's Note
There will be no distribution for this quarter as the Reit has a semi-annual distribution policy.

The DPU was 1.71 cents in the previous quarter.

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• K-Reit Q4 2010 Quarterly Earnings Report
• K-Reit Q3 2010 Quarterly Earnings Report 
• Results Release 

K-Green Trust Q1 2011 Quarterly Earnings Report

K-Green Trust Q1 2011 Quarterly Earnings Report:

• Press Release and Financial Statements

Key Points

• The profit after tax achieved for the first quarter of 2011 was $3.5 million,
  5.4% higher than projection.
• Earnings per unit (EPU) for the first quarter of 2011 was 0.56 cents.
• Net asset value per unit as at 31 March 2011 was $1.12.
• Free cash flow for the quarter was $9.5 million.

Author's Note
There will be no distribution this quarter as the business trust has a semi-annual distribution policy. The previous semi-annual distribution in Mar 2011 was 4.31 cents. The next distribution is expected in the Jul-Aug 2011 period.


The projected distribution can be found in the Listing Prospectus.

Based on the prospectus, following are the projected DPU for 2010/2011:

• For the period from the Listing Date up to and including 31 December 2010, the Forecast DPU is 3.91 cents.
• For the first half of 2011, the Forecast DPU is 3.13 cents.
• For the second half of 2011, the Forecast DPU is 4.69 cents.

The closing price before the announcement of results on 14 Apr 2011 was S$1.14, which is below the NAV of S$1.12. To date, the trust has not announced any acquisition plans and is currently at zero debt.

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• K-Green Trust Q4 2010 Quarterly Earnings Report
  
• K-Green Trust Q3 2010 Quarterly Earnings Report  
• Results Release
• Financial News - 29 JUN 2010: Keppel lists green infrastructure business trust  
• Financial News - 28 JUN 2010: K-GREEN TRUST - Admission of 627,644,675 units to the Official List of SGX-ST  
• Financial News - 31 MAY 2010: Announcement of K-Green Trust by Keppel Corp

Keppel bags offshore & marine jobs worth S$240 million from global customers

Keppel bags offshore & marine jobs worth S$240 million from global customer:

• Press Release

Key Points

• Keppel Offshore & Marine Ltd (Keppel O&M), through its wholly-owned subsidiaries in Singapore, has clinched new contracts totaling S$240 million from international customers.
• Keppel Singmarine will build for SBM Offshore a prototype multi-purpose dive support construction vessel (DSCV) scheduled for delivery in 2Q 2013.
• Keppel Shipyard has also secured a fast-track project for the upgrading of a FPSO vessel from Petrofac International (UAE) LLC, a subsidiary of Petrofac.

Related Posts

• Keppel secures repeat jackup rig order from Jasper at US$180 million
• KEPPEL SHIPYARD NETS TWO CONTRACTS WORTH S$170 MILLION
• KEPPEL TO BUILD NEW JACKUP WORTH US$195 MILLION FOR MEXICO
• KEPPEL BAGS TWO-RIG CONTRACT FROM TRANSOCEAN WORTH US$380 MILLION
• KEPPEL WINS TWO JACKUPS ORDERS WORTH US$1 BILLION FROM MAERSK
• Keppel FELS Brasil secures two FPSO topside contracts worth R$500 million
• KEPPEL WINS US$440 MILLION TWIN JACKUP RIG CONTRACT FROM ENSCO

Keppel secures repeat jackup rig order from Jasper at US$180 million

Keppel secures repeat jackup rig order from Jasper at US$180 million:

• Press Release

Key Points

• Jasper Investments Limited (Jasper) has exercised its option with Keppel FELS Limited (Keppel FELS) to build a second KFELS B Class jackup rig at US$180 million for delivery in 1H2013. 
• The single-rig option was given to Jasper when the customer ordered its first jackup from Keppel FELS in December 2010.

Related Posts

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

Date of Result Release for Q1 2011 for K-Reit, K-Green, Kepland, Keppel Corp

Updated date of Result Release for Q1 2011:

Company	Date of Result Release
K-Green	14/04/11
K-Reit	14/04/11
Keppel Land	19/04/11
Keppel Corp	20/04/11

Latest Update at Results Release.

K-REIT PROPOSED ACQUISITION OF FOUR LEVELS OF STRATA OFFICE (LEVEL 26-29) AT PRUDENTIAL TOWER

PROPOSED ACQUISITION OF FOUR LEVELS OF STRATA OFFICE (LEVEL 26-29) AT PRUDENTIAL TOWER:

• Press Release
• Announcement

Key Points

• The Reit has entered into a sale and purchase agreement with the following parties for the acquisition of the following levels in the building located at the Prudential Tower:
• Innisvale Investments Pte Ltd in respect of Level 26;
• Maraha Pte Ltd in respect of Level 27;
• Lima Bintang Holdings Pte Ltd in respect of Level 28; and
• Mirabeau Gardens Pte Ltd in respect of Level 29.
• Vendors will provide rental support of up to S$8.09 million, for the period commencing from the date of completion of the Acquisition until 31 March 2015.
• The Property consists of four (4) strata office floors totalling 48,158 square feet (“sf”) which represents 19.4% of the strata value of the building. K-REIT Asia currently owns 73.4% of the strata value of the building. Post-completion of the Acquisition, K-REIT Asia will own 92.8% of the strata value of the building.
• The aggregate purchase consideration of the Property is S$125,113,940.00.
• The Acquisition will be entirely funded by debt. K-REIT Asia’s aggregate leverage (calculated as gross borrowings divided by total deposited property value) is expected to increase marginally from 37.0% to 39.3% after the completion of the Acquisition.

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JAPAN DRILLING COMPANY AWARDS US$210 MILLION JACKUP CONTRACT TO KEPPEL

JAPAN DRILLING COMPANY AWARDS US$210 MILLION JACKUP CONTRACT TO KEPPEL:

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has secured a contract worth about US$210 million from Japan Drilling Company (JDC) to build a KFELS Super B Class jackup rig.
• Slated for delivery in the first quarter of 2013, the rig will be JDC’s first newbuild rig order in six years and Keppel FELS’ first for JDC.
• 12th rig order brings Keppel O&M’s total contracts value to S$4.5 billion in 1Q2011.

About Japan Drilling Company
Japan Drilling Co., Ltd. (JDC) is Japan's sole offshore drilling contractor, and has been providing quality drilling services for more than 40 years. In addition to offshore drilling services, JDC provides Engineering Services and R&D in relation to offshore drilling as well as oil and gas exploration and development, and also Horizontal Directional Drilling (HDD) services. For more information about JDC, please visit www.jdc.co.jp

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• KEPPEL SHIPYARD NETS TWO CONTRACTS WORTH S$170 MILLION
• KEPPEL TO BUILD NEW JACKUP WORTH US$195 MILLION FOR MEXICO
• KEPPEL BAGS TWO-RIG CONTRACT FROM TRANSOCEAN WORTH US$380 MILLION
• KEPPEL WINS TWO JACKUPS ORDERS WORTH US$1 BILLION FROM MAERSK
• Keppel FELS Brasil secures two FPSO topside contracts worth R$500 million
• KEPPEL WINS US$440 MILLION TWIN JACKUP RIG CONTRACT FROM ENSCO 

KEPPEL SHIPYARD NETS TWO CONTRACTS WORTH S$170 MILLION

KEPPEL SHIPYARD NETS TWO CONTRACTS WORTH S$170 MILLION:

• Press Release

Key Points

• Keppel Shipyard Limited (Keppel Shipyard), a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M), has secured new contracts totalling S$170 million for two fast-track projects.
• The new jobs comprise completing a Pipe Laying Vessel for Saipem S.p.A (Saipem) and converting a Floating, Storage and Offloading (FSO) vessel for Bumi Armada Berhad (Bumi Armada).

Related Posts

• KEPPEL TO BUILD NEW JACKUP WORTH US$195 MILLION FOR MEXICO
• KEPPEL BAGS TWO-RIG CONTRACT FROM TRANSOCEAN WORTH US$380 MILLION
• KEPPEL WINS TWO JACKUPS ORDERS WORTH US$1 BILLION FROM MAERSK
• Keppel FELS Brasil secures two FPSO topside contracts worth R$500 million
• KEPPEL WINS US$440 MILLION TWIN JACKUP RIG CONTRACT FROM ENSCO
•  

Keppel Corp Updated Target Price following Announcement of New Contract:

Keppel Corp Updated Target Price following Announcement of New Contract:

Brokerage	Recommendation	Target Price (S$)	Date of Recommendation
DMG	BUY	13.94	08/03/11
CIMB	OUTPERFORM	15.00	08/03/11

Latest updates at Stock Target Price.

Related Posts

• KEPPEL TO BUILD NEW JACKUP WORTH US$195 MILLION FOR MEXICO

KEPPEL TO BUILD NEW JACKUP WORTH US$195 MILLION FOR MEXICO

KEPPEL TO BUILD NEW JACKUP WORTH US$195 MILLION FOR MEXICO:

• Press Release

Key Points

• Keppel AmFELS LLC, a US wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has won a contract from Mexico’s Perforadora Central SA de CV (Perforadora Central) to build a repeat jackup rig valued  at about US$195 million.
• Slated for delivery in 1Q 2013, this latest high specification unit will be based on the LeTourneau Super 116E design. Unlike the existing  LeTourneau Super 116Es, this will be the first Super 116E newbuild to be further enhanced to provide for an additional 1,500 kips of elevated load. 
• It will have leg lengths of 511 ft and the capability to drill wells up to 30,000 ft at a water depth of 375 ft.

Related Posts

• KEPPEL BAGS TWO-RIG CONTRACT FROM TRANSOCEAN WORTH US$380 MILLION
• KEPPEL WINS TWO JACKUPS ORDERS WORTH US$1 BILLION FROM MAERSK
• Keppel FELS Brasil secures two FPSO topside contracts worth R$500 million
• KEPPEL WINS US$440 MILLION TWIN JACKUP RIG CONTRACT FROM ENSCO

Keppel Offshore & Marine acquires 27.8% stake in SGX-listed topside module fabricator Dyna-Mac

Keppel Offshore & Marine acquires 27.8% stake in SGX-listed topside module fabricator Dyna-Mac:

• Press Release

Key Points

• Keppel Offshore & Marine Limited (Keppel O&M), through its wholly-owned subsidiary KS Investments Pte Ltd (KSI), has acquired a 27.77% stake (250,000,000 shares) in topside module fabricator Dyna-Mac Holdings Ltd (Dyna-Mac) via an equity placement.
• This follows Dyna-Mac’s successful listing on the main board of Singapore Exchange Securities Trading Limited (SGX). 
• KSI’s total investment is S$87.5 million based on the invitation price of 35 cents per share. 
• The equity placement, through its investment vehicle KSI, is part of a collaboration between Keppel Shipyard (a wholly-owned subsidiary of Keppel O&M) and Dyna-Mac to jointly pursue the topside module business beyond Singapore’s shores.

KEPPEL BAGS TWO-RIG CONTRACT FROM TRANSOCEAN WORTH US$380 MILLION

KEPPEL BAGS TWO-RIG CONTRACT FROM TRANSOCEAN WORTH US$380 MILLION:

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has secured a contract worth approximately US$380 million from Transocean Offshore Deepwater Holdings Ltd, a subsidiary of Transocean Ltd. (Transocean), to build two high-specification jackup rigs based on the KFELS Super B Class Bigfoot design. 
• The rigs’ deliveries are scheduled from 2H 2012 onwards.
• As part of the agreement, Transocean has options to order three additional jackup units.

Related Posts

• KEPPEL WINS TWO JACKUPS ORDERS WORTH US$1 BILLION FROM MAERSK
• Keppel FELS Brasil secures two FPSO topside contracts worth R$500 million
• KEPPEL WINS US$440 MILLION TWIN JACKUP RIG CONTRACT FROM ENSCO

KEPPEL WINS TWO JACKUPS ORDERS WORTH US$1 BILLION FROM MAERSK

KEPPEL WINS TWO JACKUPS ORDERS WORTH US$1 BILLION FROM MAERSK:

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has been awarded contracts from Maersk Drilling Holdings Singapore Pte Ltd, a wholly owned subsidiary of A.P. Moller – Maersk A/S (Maersk), to build two Gusto MSC CJ70 harsh  environment jackup rigs worth close to US$1 billion.
• The first rig is scheduled for delivery near end-2013, with the second rig following seven months later. 
• As part of the agreement, Maersk has the option to build an additional jackup unit with Keppel FELS.

About A.P. Moller - Maersk Group
The A.P. Moller - Maersk Group is a worldwide conglomerate. It operates in some 130 countries and has a workforce of some 115,000 employees. In addition to owning one of the world’s largest shipping companies, it is involved in a wide range of activities in the energy, logistics, retail and manufacturing industries.

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• KEPPEL WINS US$440 MILLION TWIN JACKUP RIG CONTRACT FROM ENSCO

Keppel FELS Brasil secures two FPSO topside contracts worth R$500 million

Keppel FELS Brasil secures two FPSO topside contracts worth R$500 million:

• Press Release

Key Points

• Keppel Offshore & Marine Ltd (Keppel O&M), through its subsidiary Keppel FELS Brasil, has secured two contracts totalling R$500 million (approx. S$381.4 million) — one from Single Buoy Moorings Inc. (SBM), and another from the joint venture company MODEC and Toyo Offshore Production Systems (MTOPS).

About SBM
SBM Offshore N.V. is a pioneer in the offshore oil and gas industry. Worldwide, it has over 5,000 employees representing 47 nationalities, and is present in 15 countries. Its activities include the engineering, supply, and offshore installation of most types of offshore terminals or related equipment. In addition, SBM Offshore owns and operates its own fleet of Floating (Production) Storage and Offloading units. SBM Offshore has a track record of developing innovative, cost-effective solutions for the ever-changing needs of its Clients. Each company of the group contributes its technical expertise, making SBM Offshore a market leader.

About MODEC
Founded in 1968, MODEC is a general contractor specialising in engineering, procurement, construction, installation and operations of floating production systems including Floating Production Storage and Offloading (FPSO) vessels, Floating Storage and Offloading (FSO) vessels, Tension Leg Platforms (TLPs), Production Semi-Submersibles, Mobile Offshore Production Units (MOPUs) and other new technologies which will meet the challenges of various types of gas production floaters. MODEC provides Floating Production System operation and maintenance services around the world. MODEC is headquartered in Tokyo, Japan and three main offices are located in Tokyo, Houston and Singapore. MODEC has regional offices in Angola, Australia, Brazil, Belgium, China, Cote d'Ivoire, Ghana, Indonesia, Mexico, Nigeria, Thailand and Vietnam. MODEC, Inc. is traded on the Tokyo stock exchange under the symbol 6269.

About Toyo Engineering Corporation
Since its inception in 1961, TOYO, one of the world’s leading engineering contractors, has actively deployed Engineering, Procurement and Construction (EPC) business, and successfully delivered large and complex projects over the world. TOYO’s business focuses on the segments of Energy, Oil Refining, Petrochemicals & Chemicals, Oil & Gas Development including Topside facilities on FPSO, Infrastructure and other manufacturing facilities. TOYO is headquartered in Chiba, Japan and has major group companies in Korea, China, India, Malaysia, Thailand, Canada and Brazil which forms TOYO’s worldwide network.

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Keppel to deliver second DSS(TM) 38 deepwater rig ahead of schedule to Brazil

Keppel to deliver second DSS(TM) 38 deepwater rig ahead of schedule to Brazil  :

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) is on track for an early and safe delivery of Alpha Star, the second of two DSSTM 38 semisubmersible rigs, to Brazil’s Queiroz Galvão Óleo e Gás (QGOG).
• Keppel FELS was awarded a total of S$40,000 in safety bonuses from QGOG for the strong safety performance during the construction phase. 
• The rig has been chartered by Petrobras for six years to support exploration and production activities offshore Brazil.

KEPPEL WINS US$440 MILLION TWIN JACKUP RIG CONTRACT FROM ENSCO

KEPPEL WINS US$440 MILLION TWIN JACKUP RIG CONTRACT FROM ENSCO:

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has secured a contract to build two enhanced KFELS Super A Class harsh environment jackup rigs from a subsidiary of Ensco plc (NYSE: ESV) at a shipyard price of about US$440 million.
• These rigs are scheduled for delivery in the second and fourth quarters of 2013. 
• As part of its contract with Keppel FELS, Ensco has options to order two more similar jackup units.

About Ensco
Ensco plc (NYSE: ESV) brings energy to the world as a global provider of offshore drilling services to the petroleum industry. With a fleet of ultra-deepwater semisubmersible and premium jackup drilling rigs, Ensco serves customers with high-quality equipment, a well-trained workforce and a strong record of safety and reliability. To learn more about Ensco, please visit our website at www.enscoplc.com. Ensco plc is an English limited company (England No. 7023598) with its registered office and global headquarters located at 6 Chesterfield Gardens, London, W1J 5BQ. To learn more about Ensco, please visit www.enscoplc.com

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• Keppel to build two harsh environment jackups worth about US$416 million for Discovery Offshore

Keppel to build two harsh environment jackups worth about US$416 million for Discovery Offshore

Keppel to build two harsh environment jackups worth about US$416 million for Discovery Offshore:

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has secured a contract worth about US$416 million from Discovery Offshore S.A. (Discovery Offshore) to construct two harsh environment jackup rigs based on the proprietary KFELS Super A Class design.
• The rigs are scheduled for delivery in 1H and 2H 2013 respectively. 
• The construction, marketing and operation of both units will be managed by NASDAQ-listed Hercules Offshore, Inc. (Hercules Offshore), which is a leading global operator of jackup and liftboat assets.
• Discovery Offshore has options to order two additional jackup units as part of its contract with Keppel FELS. 
• If exercised, the options for the additional units will bring the total contract value to above US$840 million.

About Discovery Offshore
Discovery Offshore is a newly established Luxembourg-based company with a focus in ultra high-specification jackups. Managed by Hercules Offshore, Discovery will leverage the former’s long-standing relationships with oil majors, national oil companies and independent oil companies.

About Hercules OffshoreHeadquartered in Houston, Hercules Offshore, Inc. operates a fleet of 30 jackup rigs, 17 barge rigs, 65 liftboats, three submersible rigs, one platform rig and a fleet of marine support vessels. The Company offers a range of services to oil and gas producers to meet their needs during drilling, well service, platform inspection, maintenance and decommissioning operations in several key shallow water provinces around the world.

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

Keppel Corp Q4 2010 Quarterly Earnings Report

Keppel Corp Q4 2010 Quarterly Earnings Report:

• Results

Key Points

• Net profit before exceptional items improved 12% to S$1,419 million, compared to FY 2009’s S$1,265 million.
• Earnings Per Share of 88.7 cents, up 12% from FY 2009’s 79.4 cents.
• ROE remained above 20%.
• Economic Value Added before exceptional items increased from S$1,026 million to S$1,035 million.
• Total cash dividend increased to 42.0 cents per share, comprising a final dividend of 26.0 cents and an interim dividend of 16.0 cents already paid.
• Bonus issue to shareholders of one bonus share for every 10 existing shares.
• Cash outflow of S$310 million.
• Net cash of 0.02x, compared to 0.14x in 2009.
• The proposed final dividend, if approved at the Annual General Meeting to be held on 21 April 2011, will be paid on 10 May 2011.
• Book closure for the distribution is on 28 Apr 2011.

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• Keppel Corp Q3 2010 Quarterly Earnings Report

Kepland Q4 2010 Quarterly Earnings Report

Kepland Q4 2010 Quarterly Earnings Report:

• Press Release

Key Points

• Net profit grew 273% to $1,045.8 million mainly from the divestment of one‐third stake in MBFC Phase 1.
• Core businesses recorded stronger earnings from better home sales in Singapore and China, larger profit contribution from K‐REIT Asia and higher fee income.
• Distribution  of  18  cents  per  share,  including  a  special  dividend  of  nine  cents  per  share proposed.
• The proposed final dividend, if approved at the Annual General Meeting to be held on 21 April 2011, is expected to be paid on or about 20 June 2011.
• Book closure for the distribution is on 28 Apr 2011.

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Keppel to increase presence in Tianjin Eco-City with water projects

Keppel to increase presence in Tianjin Eco-City with water projects:

• Press Release

Key Points

• Keppel Integrated Engineering Ltd (KIE) will broaden its scope of activities in the Sino-Singapore Tianjin Eco-City (Tianjin Eco-City) in China through two agreements to be signed on 25 Jan 2011.
• The first is a framework agreement with Tianjin Eco-City Investment and Development Company (TECID), in which KIE will explore joint investment and development of water treatment projects in the Tianjin Eco-City. The projects will include a new water recycling plant that will reuse reclaimed wastewater in the Eco-City.
• In the second agreement, which is signed with the Sino-Singapore Tianjin Eco-City Investment and Development Co., Ltd., KIE will lease 3,000 square metres of office, laboratory and workshop space for the Tianjin Eco-City Sustainable Development Innovation Centre (TSDIC). KIE is the first anchor tenant of what is envisioned to be a vibrant centre for R&D and innovation in the Tianjin Eco-City. As one of the Singapore companies deploying eco-technologies in the Tianjin Eco-City, KIE will also take the lead in developing the TSDIC.

Status update on Keppel’s drillship contract with Noble

Status update on Keppel’s drillship contract with Noble:

• Press Release

Key Points

• Keppel Offshore & Marine Ltd’s (“Keppel O&M”) wholly owned subsidiary, Keppel FELS Brasil, and Noble Corporation (Noble) have agreed to terminate the contract of an upgrade to the drillship Noble Muravlenko, that was scheduled to take place in 2013, on mutually acceptable terms.
• Keppel FELS Brasil will receive a full recovery of expenses and committed costs, as well as a reasonable termination fee.
• The project was contracted with Noble in December 2009 at US$152 million.

Keppel starts 2011 with safe and timely delivery of 2nd KFELS N-Class jack-up to Rowan

Keppel starts 2011 with safe and timely delivery of 2nd KFELS N-Class jack-up to Rowan:

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has delivered the KFELS N-Class jack-up rig, the Rowan Stavanger, to Rowan Companies, Inc. (Rowan) (NYSE: RDC) safely, on time and within budget.
• The second of three KFELS N-Class rigs being built for Rowan, this high-specification jack-up design is a product of Keppel’s rich experience in constructing rigs for the North Sea region since 1985.

About Rowan
Rowan is a major provider of international and domestic contract drilling services with a focus on high-specification and premium jack-ups. The Company also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries. The Company’s stock is traded on the New York Stock Exchange under the ticker symbol RDC. For more information on Rowan, please visit www.rowancompanies.com.

Keppel to build two jackups for Clearwater worth US$360 million

Keppel to build two jackups for Clearwater worth US$360 million:

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has secured new orders from Clearwater Capital Partners, LLC (Clearwater) to build a pair of premium KFELS B Class jackup rigs at US$360 million. 
• The two high specification jackups are scheduled for delivery in 1Q 2013 and 2Q 2013 respectively.
• As part of the agreement, Clearwater has options to build another two similar jackup units with Keppel FELS. If exercised, the options for the additional two rigs will bring the total contract value to above US$730 million.

About Clearwater
Clearwater Capital Partners, LLC (Clearwater) is an investment firm founded in December 2001 and dedicated to investing in special situations across Asia, excluding Japan. Since inception Clearwater has invested over $2.5 billion in the Asia region and currently manages over $2 billion in assets across its four investment vehicles. Clearwater’s multi-disciplinary team consists of more than 70 professionals based in six primary offices across Asia including a Singapore office with a 17 person team. For more information, please visit: http://www.clearwatercapitalpartners.com.

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K-Reit Q4 2010 Quarterly Earnings Report

K-Reit Q4 2010 Quarterly Earnings Report:

• Press Release
• Financial Results
• Presentation Slides

Key Points

• DPU of 1.71 cents for the reporting quarter.
• Unitholders can look forward to a DPU of 3.38 cents for 2H 2010 which will be paid on 25 February 2011.
• Portfolio occupancy rate stood at 97.0% as at end 4Q 2010 compared with 99.2% as at the end of 3Q 2010. The decline in average occupancy was due mainly to the inclusion of 77 King Street office tower and MBFC Phase 1 which were 76.7% and 96.6% occupied respectively as at 31 December 2010. Both assets are newly completed, and are in the process of being leased.
• To finance the recent acquisition of MBFC Phase 1, the Manager raised total borrowings to $1.3 billion as at 31 December 2010 or an aggregate leverage of 37.0%.

Author's Note
The semi-annual DPU of 3.38 cents will be paid on 25 Feb 2011. Book closure is on 28 Jan 2011. DPU for the current quarter is 1.71 cents.

The DPU was 1.69 cents in the previous quarter.

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K-Green Trust Q4 2010 Quarterly Earnings Report

K-Green Trust Q4 2010 Quarterly Earnings Report:

• Press Release and Financial Statements

Key Points

• Profit after tax for the period from date of listing on 29 June to 31 December 2010 was $8.7 million, 22.1% higher than forecast.
• Earnings per unit (EPU) for the period from date of listing to 31 December 2010 were 1.39 cents.
• Net asset value per unit as at 31 December 2010 was $1.16.
• Distribution per unit (DPU) of 4.31 cents was higher than forecast by 10.2%.
• Annualised distribution yield was 7.9% based on unit closing price of $1.07 on 31 December 2010.
• Members whose Securities Accounts with The Central Depository (Pte) Limited are credited with Units at 5.00 pm on 24 February 2011 will be entitled to the distribution.
• The distribution that will be paid on 10 Mar 2011. 

Author's Note
K-Green has announced its first distribution for the period from the Listing Date (29 Jun 2010) up to and including 31 December 2010. The DPU declared is 4.31 cents, which is above the 3.91 cents projected in the Listing Prospectus.

Based on the prospectus, following are the projected DPU for 2010/2011:

• For the period from the Listing Date up to and including 31 December 2010, the Forecast DPU is 3.91 cents.
• For the first half of 2011, the Forecast DPU is 3.13 cents.
• For the second half of 2011, the Forecast DPU is 4.69 cents.

The closing price before the announcement of results on 18 Jan 2011 was S$1.10, which is below the NAV of S$1.16. To date, the trust has not announced any acquisition plans and is currently at zero debt.

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Date of Result Release for Q4 2010 for K-Reit, K-Green, Kepland, Keppel Corp

Updated date of Result Release for Q4 2010:

Company	Date of Result Release
K-Green	18/01/11
K-Reit	20/01/11
Keppel Land	24/01/11
Keppel Corp	25/01/11

Latest Update at Results Release.