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Keppel Corporation secures two FPSO conversion contracts worth S$190m
From clients SBM Offshore and M3nergy.
Keppel Corp (KEP) has secured two floating, production, storage and offloading (FPSO) conversion contracts, reports OSK-DMG in its corporate news flash, which lifts the company's YTD new orders to S$4.3bn, or accounting for 72% of the research firm's S$6bn order win estimate for FY13.
OSK-DMG views the contracts positively " as they reflect the group?s strong execution capability and raise its net order book to S$14.4bn."
The first contract from SBM Offshore (SBMO NA, NR) is for the conversion of an FPSO unit that will be used for the Stones ultra deepwater development by Shell in the Gulf of Mexico. The FPSO is designed with a processing capacity of 60,000 barrels of oil per day (bopd) and will be able to store 800,000 barrels of crude oil.
Meanwhile, the second contract, awarded by M3nergy, involves the conversion of a FPSO for the Petronas-operated Bukit Tua Field, 35km north of Madura Island in Indonesia. The conversion is expected to be completed in 2Q14. The FPSO will have a production capacity of 25,000 bopd and a storage capacity of 630,000 barrels. We understand KEP beat other yards to the job, including Malaysia Marine and Heavy Engineering Holdings.
OSK DMG maintains Buy with TP: $12.24. KEP has secured 2 FPSO conversion contracts which lifts YTD new orders to $4.3b, accounting for 72% of the house?s $7.2b estimate for FY13. This raises the group?s net order book to $14.4bn. The 1st contract is from SBM, a repeat customer which will be used for Stones ultra deepwater development by Shell in the Gulf of Mexico. The 2nd contract involves the conversion of a FPSO for the Petronas-operated Bukit Tua Field, north of Madura Island in Indonesia. It is understood that KEP beat other yards to the job, including Malaysia Marine and Heavy Engineering Holdings.
Keppel Corp announced that it has won a US$280m contract with Floatel to build a fifth accommodation semi-submersible unit that will be delivered in 4Q15. While the latest contract is not expected to have any material impact on the net tangible assets and earnings per share of the group, it brings Keppel?s year to date order wins to ~ S$4.35b, on track to meet the street?s estimates of $5.5-6.5b order wins for FY13. This also lifts the group?s order book to ~$13.4b, stretching earnings visibility over the next 3 years.
3 Things You Should Know About Keppel Corporation
Keppel Corporation Limited (SGX: BN4) is another of Singapore?s oldest companies with a history dating back to 1859, when it built the first dry dock for ship repair at Keppel Harbour.
Today, the company engages in the marine, property and infrastructure businesses.
Its
Offshore & Marine segment still carries out ship repairs, but is also known as a global leader in offshore rig design, construction and repair ? it has built nearly 50% of the world?s jack-up rigs since 2000, and its
KFELS B Class rig is now an industry benchmark.
Additionally, it designs and builds specialised ships, platforms for the oil and gas sector, tugboats and ice-capable vessels, as well as offering marine related engineering and consultancy services.
The
Property segment develops residential, office and commercial properties including the
Caribbean,
Reflections and
Corals condominiums as well as the Marina at Keppel Bay.
The
Infrastructure segment involves electricity generation, water purification and treatment of solid waste. It operates power plants in Brazil, China, The Philippines and Nicaragua. In Singapore, it owns and operates a gas-fired power plant on Jurong Island.
It is also the largest district cooling services provider in Singapore, with operations including Changi Business Park, Biopolis@One North and Woodlands Wafer Fab Park.
What?s more, it is responsible for one of the UK?s first
Energy-From-Waste (eFW) plants, allowing Greater Manchester to divert 75% of its waste away from landfill by focusing on recycling materials and creating refuse-derived fuel (RDF).
But did you know?
- The name ?Keppel? is derived from Captain Henry Keppel, the British ship captain who, in 1848, discovered the natural, deep-water harbour at Tanjong Pagar. It was later named Keppel Harbour in his honour.
- Keppel?s first shipyard was situated in the area currently occupied by the Caribbean and Reflections condominiums at Keppel Bay.
- Two large granite outcrops (one at the present site of Labrador Park, off Pasir Panjang Road, the other on Sentosa Island) used to form a gateway to Keppel Harbour.
Known as
Long Ya Men (Dragon?s Teeth Gate) they were used as navigational aids by ancient mariners to sail past Singapore when travelling from the Straits of Malacca to the South China Sea from as early as the 13
th Century. They were blown up in 1848, to widen the entrance to the harbour and a replica marks the spot in Labrador Park today.
Return on Equity (ROE)
Keppel Corporation has one of the
highest Return on Equity (ROE) (the return shareholders get on the money they have invested in the business) amongst Singapore?s large caps at 17% (the Strait?s Times Index (SGX: STI) average is 9%). It is also one of Singapore?s top five,
most transparent companies.
Keppel Corp: Trading Central notes the stock remains under pressure below its key resistance at $10.90.
Both the short term and medium term moving averages are turning down, which should maintain the strong selling pressure on prices.
RSI remains weak below the neutral 50 level.
Says look for further decline to $10 and $9.65 in extension.
KEPPEL CORPORATION LIMITED
| Particulars : |
DIV IN SPECIE |
| Ex-date : |
29 Aug 2013 |
| Buy-In Last Cum Date : |
02 Sep 2013 |
| Record Date : |
02 Sep 2013 |
| Date Paid/Payable : |
13 Sep 2013 |
|
Last updated on 08/08/2013 03:00:26 AM
|
|
Keppel Corp ST: key resistance at 10.9.
Update on supports and resistances.
Pivot: 10.9
Our preference: Short positions below 10.9 with targets @ 10 & 9.65 in extension.
Alternative scenario: Above 10.9 look for further upside with 11.15 & 11.5 as targets.
Comment: as long as 10.9 is resistance, likely decline to 10.
Key levels
11.5
11.15
10.9
10.43 last
10
9.65
9.3
Copyright 1999 - 2013 TRADING CENTRAL
|
Opportunity to Accumulate on Dips: Kep Corp. Share price 10.30 (Back to near 10.25 support again)
Kep Corp has traded downwards over the past 2 weeks after a hitting a high of 10.92 about 2 weeks ago.
Now it is back to where it was supported in June 2013 above the 10.25 level.
Will be a good blue chip to accumulate at a discounted price below the 10.30 level and to wait for any potential reversal rebound back up.
As long as 10.25 is a support level, a rise towards 10.65 and even 10.90 seems likely.
A breakdown below 10.25 can see it test the 10.00 psychological level.
From the chart, you can see that it is also supported above the channel support line (Upward sloping line) which has guided the uptrend since end 2011.
9 days ema = $10.41
14 days ema = $10.46
Keppel Corp ST: key resistance at 10.9.
Update on supports and resistances.
Pivot: 10.9
Our preference: Short positions below 10.9 with targets @ 10 & 9.65 in extension.
Alternative scenario: Above 10.9 look for further upside with 11.15 & 11.5 as targets.
Comment: as long as 10.9 is resistance, likely decline to 10.
Key levels
11.5
11.15
10.9
10.38 last
10
9.65
9.28
Copyright 1999 - 2013 TRADING CENTRAL
Keppel Corp: has rebounded off the $10.35 support line, and the indicators are starting to show signs of an upward turnaround, suggesting positive near term momentum.
First resistance is the $10.60 level.
However the key moving averages continue to be angled downward, and the medium term outlook is expected be slightly negative still, or rangebound at best.
Source: International Ship Network Published :2013-8-12 9:51:49
Singapore's shipbuilding industry has been going downhill
Specially constructed OSV Singapore Pacific Richfield Marine Chairman and CEO Rony Sudjaka Indonesian people have been known to be a shipping into their own blood person.
Sudjarka said that in 1989 he founded the company, although the fierce competition, but he does not suddenly become overly concerned, because he built and owned vessels are high specification, with a large engine (Product Buy Sell) and more multiple redundant systems.
Sudjarka currently has 55 ships and a shipyard, the shipyard has a dock can be built every 18 months eight vessels. Sudjarka them to lend their shipbuilding oil companies around the world. In addition Sudjarka also has two design companies, responsible for his innovative design concepts into reality OSV. Three years ago, Pacific Richfield Marine became the first in Singapore to simultaneously build nine ships shipyard.
Sudjaka recalls: " Singapore's shipbuilding industry is moving toward the downhill, many orders went to China, where the cheaper 30%."
Sudjaka father in 1926 in Hong Kong Taikoo shipyard work, then returned to Indonesia to continue to engage in ship construction. 76-year-old Sudjaka already OSV industry for half a century.
I have been holding and studying this counter for nearly 18months now and I have a hard time understanding it. The fundamental and management are strong, and my initial TP was $13.20- in line with many of the analysts' TP at that time. Nevertheless, the counter has been staying well below $12. Thus I started to think that my valuation might be kind of optimistic and redo my estimation using the pessimistic scenario. $12.40 was the target price estimated 3 months ago and it pretty much landed on the lower end of the analysts price range. Despite that, the current share price, $10.30, is still well below my pessimistic TP.
There have been tons of buy calls from analysts and the share price goes the opposite direction instead. Weird indeed. Can some kind soul shed light on this counter? Thanks.
Chinese shipping enterprises force offshore drilling platforms
At 10:57 on August 7, 2013 Source: International Ship Network
Offshore rig construction industry is one of Singapore's few heavy industry, despite strong demand, the industry still faces challenges. The reason for this phenomenon is that counterparts from China more competitive.
Wall Street Journal recently reported that Keppel Group, Keppel Offshore & Marine (Keppel Offshore and Marine) and Sembcorp this business strategy is to come up with high-end market shift, they had specialized in producing shallow water drilling platform, and now construction can begin in the deeper and more extreme conditions of oil and gas drilling equipment. But in this market segment Korean shipping prices have been very strong position, while Chinese enterprises figure is also increasing. The two Singapore companies reported second-quarter profit fell.
The Wall Street Journal reported that Asian shipyards (mostly from South Korea, China and Singapore) controls the offshore drilling equipment market share of around 75%, until two years ago, Keppel and Sembcorp jackup drilling platform or a major supplier. Jack-up drilling rigs generally built in relatively shallow waters of the sea bed. The cost of such a platform is usually about $ 200 million. But in 2012, the two companies won only nine jackup drilling platform, new orders, and including the Dalian Shipbuilding Industry Offshore Engineering Co., Ltd. and CIMC Raffles Shipyard in China, including COSCO is won 14 orders. First seven months of this year, China has 23 orders ahead of Singapore's 17 orders. Although Singapore builders still holding long-term orders, but cheaper Chinese drilling platform for Singapore means getting new business will become increasingly difficult.
And Singapore, threatened sizeable industry. Singapore Ministry of Trade and Industry data show that last year marine engineering in Singapore's manufacturing accounted for 6.4% of total output, bringing about 190 million Singapore dollars (about 15 billion U.S. dollars) in revenue.
Chinese shipyards in 2013 received orders rig is expected to hit the biggest this year, which is mainly affected by shipping enterprises from China's shipbuilding industry overcapacity redeploy resources boost. Chinese Government proposed five-year plan to build the Bohai Bay, Yangtze River Delta and Pearl River three marine engineering equipment manufacturing base.
China's " Twelfth Five-Year Plan" goal is to marine equipment sales reached 200 billion yuan, accounting for 20% of the global market. Religare Capital Markets ASEAN head of research Vincent Fernando said that in order to achieve these objectives and to obtain technical know-how, Chinese shipyards all want to beat the competition and even sacrifice profits.
Keppel Group announced last month, the company plans in 2014 launched a new rig designs. Drilling rigs for three thousand meters water depth exploration work, the cost is almost self-elevating drilling platforms fourfold. Singapore and China in this professional field can compete with the South Korean shipyard remains to be seen.
Chinese shipping enterprises force offshore drilling platforms
At 10:57 on August 7, 2013 Source: International Ship Network
Offshore rig construction industry is one of Singapore's few heavy industry, despite strong demand, the industry still faces challenges. The reason for this phenomenon is that counterparts from China more competitive.
Wall Street Journal recently reported that Keppel Group, Keppel Offshore & Marine (Keppel Offshore and Marine) and Sembcorp this business strategy is to come up with high-end market shift, they had specialized in producing shallow water drilling platform, and now construction can begin in the deeper and more extreme conditions of oil and gas drilling equipment. But in this market segment Korean shipping prices have been very strong position, while Chinese enterprises figure is also increasing. The two Singapore companies reported second-quarter profit fell.
The Wall Street Journal reported that Asian shipyards (mostly from South Korea, China and Singapore) controls the offshore drilling equipment market share of around 75%, until two years ago, Keppel and Sembcorp jackup drilling platform or a major supplier. Jack-up drilling rigs generally built in relatively shallow waters of the sea bed. The cost of such a platform is usually about $ 200 million. But in 2012, the two companies won only nine jackup drilling platform, new orders, and including the Dalian Shipbuilding Industry Offshore Engineering Co., Ltd. and CIMC Raffles Shipyard in China, including COSCO is won 14 orders. First seven months of this year, China has 23 orders ahead of Singapore's 17 orders. Although Singapore builders still holding long-term orders, but cheaper Chinese drilling platform for Singapore means getting new business will become increasingly difficult.
And Singapore, threatened sizeable industry. Singapore Ministry of Trade and Industry data show that last year marine engineering in Singapore's manufacturing accounted for 6.4% of total output, bringing about 190 million Singapore dollars (about 15 billion U.S. dollars) in revenue.
Chinese shipyards in 2013 received orders rig is expected to hit the biggest this year, which is mainly affected by shipping enterprises from China's shipbuilding industry overcapacity redeploy resources boost. Chinese Government proposed five-year plan to build the Bohai Bay, Yangtze River Delta and Pearl River three marine engineering equipment manufacturing base.
China's "Twelfth Five-Year Plan" goal is to marine equipment sales reached 200 billion yuan, accounting for 20% of the global market. Religare Capital Markets ASEAN head of research Vincent Fernando said that in order to achieve these objectives and to obtain technical know-how, Chinese shipyards all want to beat the competition and even sacrifice profits.
Keppel Group announced last month, the company plans in 2014 launched a new rig designs. Drilling rigs for three thousand meters water depth exploration work, the cost is almost self-elevating drilling platforms fourfold. Singapore and China in this professional field can compete with the South Korean shipyard remains to be seen.
below 10.30
final support 10.26...10.23
Example of a company with strong fundamentals and weak technicals. Still waiting for rebound...
Why Keppel Offshore & Marine just got richer by around $100m
Thanks to new upgrade, repair deals.
According to a release, Keppel Offshore & Marine Ltd (Keppel O& M), through its wholly-owned subsidiaries, Keppel FELS and Keppel Verolme, has secured upgrade and repair contracts totaling about S$100million from repeat customers.
Keppel FELS in Singapore will be undertaking the upgrade and modification of a semisubmersible (semi) for Ensco while Keppel Verolme will be upgrading a jackup rig for Rowan and repairing a semi for Saipem.
In Singapore, Keppel FELS will be undertaking the upgrade of the semi ENSCO 5005. Work on the semi includes upgrading major systems, machinery spaces, drill floor, derrick and living quarters as well as the renewal of steel and piping systems. The entire semi and its tanks will also be painted. The project is scheduled for completion in 1Q 2014.
In the Netherlands, Keppel Verolme is conducting a special periodic survey (SPS) on the jackup rig, Rowan Gorilla VI, for Rowan Drilling. This includes painting of the hull, inspection of spud cans, renewal of anodes and installation of dock plugs among other things.
The rig will also have its drilling equipment upgraded and is expected to be delivered by 4Q 2013.
Keppel Verolme is also completing a full SPS programme for Saipem on the semi Scarabeo 5. The yard’s scope of work comprises the overhaul of the thrusters, all anchor winches, top drive upgrade and various modification and repairs. Scarabeo 5 is scheduled for delivery in September 2013. - See more at: http://sbr.com.sg/shipping-marine/news/why-keppel-offshore-marine-just-got-richer-around-100m#sthash.vAmWYhG1.dpuf
kepC testing critical support 10.33 twice in the 1st trading hour today
possible turning point here ? or
plunge ?
sideline watching the show
Keppel Corp is resting on a key $10.35 technical support level. A close below this would bode negatively for near term price action, with the next support at $10.00. The weaker technical outlook is further supported by the RSI remaining below the neutral 50 level, and the 20day and 50 day MA acclerating their slide. Any bounce may be capped at the $10.60 resistance.
