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.

Related Posts

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

Related Posts

• Results Release 
• 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.

Related Posts

• Kepland Q3 2010 Quarterly Earnings Report
• Results Release

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.

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

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.

Related Posts

• K-Reit Q3 2010 Quarterly Earnings Report

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.

Related Posts

• K-Green Trust Q3 2010 Quarterly Earnings Report 
• 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

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.