Keppel Corporation: Secures FPSO Conversion Work

Date: 06/10/2017

Source  :  OCBC
Stock  :  Keppel Corp       Price Target  :  7.36      |      Price Call  :  BUY
        Last Price  :  8.06      |      Upside/Downside  :  -0.70 (8.68%)

Keppel Corporation yesterday announced that Keppel Shipyard has secured an FPSO conversion contract from long-standing customer, SBM Offshore. The Tina VLCC will be converted to an FPSO which will be deployed to the Liza field (offshore Guyana) developed by ExxonMobil.

The converted FPSO will have a storage capacity of 1.6m bbl of crude oil and is able to produce up to 120k bbl of oil per day.

Keppel’s work scope includes refurbishment and life extension works, such as the upgrading of living quarters, fabrication and installation of spread mooring systems, as well as the installation and integration of topside modules, and we estimate a contract value of more than S$100m for Keppel.

Maintain BUY with S$7.36 fair value estimate on KEP.

Source: OCBC Research - 6 Oct 2017

Share this
Labels: Keppel Corp

Related Stocks

Chart Stock Name Last Change Volume 
Keppel Corp 8.06 -0.20 (2.42%) 4,096,000 

Market Buzz

Date Type Subject
21-Apr-2018 Blog Keppel Corp [Up to 6% high since Trade Plan revealed]
25-Apr-2018 Announcement General Announcement::Keppel on track to deliver South East Asia's first LNG powered tug
25-Apr-2018 Announcement General Announcement::Keppel Offshore & Marine signs MOU with MPA and TCOMS to jointly develop autonomous vessels
20-Apr-2018 Announcement General Announcement::Keppel Corporation's presentation to shareholders at AGM 2018
20-Apr-2018 Announcement Asset Acquisitions and Disposals::INCORPORATION OF WHOLLY - OWNED SUBSIDIARY
20-Apr-2018 Announcement REPL::Annual General Meeting::Voluntary

  Be the first to like this.


134  176  207  556 

Top 10 Active Counters
Partners & Brokers