Keppel Corp

Re: Keppel Corp

Postby millionairemind » Fri Jun 20, 2008 3:51 pm

Lena,

If you are into US mkts, you may want to check out Transocean RIG.

Cheers,
mm
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

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Re: Keppel Corp

Postby tinpeng » Fri Jun 20, 2008 4:59 pm

Keppel my all time favourite big cap... something that i will bring it along to my coffin..
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Re: Keppel Corp

Postby kennynah » Fri Jun 20, 2008 5:06 pm

tinpeng.... then must ask for the shares script to be printed...photocopied and then can lay the bed of the coffin...hahaha...

good to see you again.... hope all is well with you ....
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Re: Keppel Corp

Postby LenaHuat » Fri Jun 20, 2008 10:09 pm

millionairemind wrote:Lena,

If you are into US mkts, you may want to check out Transocean RIG.

Cheers,
mm


MM - Thanks for your kind tip. I'm not into the US mkts. But deepsea oil exploration will be with us for a long long time. Good to keep KC in the portfolio.
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Re: Keppel Corp

Postby iam802 » Thu Jun 26, 2008 9:59 pm

Some announcement to take note of on Keppel

-----
Statement on Blackford Dolphin rig under repair at Keppel Verolme
http://info.sgx.com/webcoranncatth.nsf/ ... penelement

====

Key points:

- Contract value of US$239.5m
- dispute with client
- disputed amount is about Eur 65.4m
- contract govern by SG laws
1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

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Re: Keppel Corp

Postby winston » Fri Jun 27, 2008 8:42 am

Keppel Corp said on Thursday the amount involved in its rig dispute with Norwegian offshore drilling firm Fred Olsen Energy amounted to 65.4 million euros ($103 million).
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Keppel Corp

Postby winston » Tue Jul 01, 2008 8:40 am

Keppel Corp, the world's top offshore rig builder said its wholly-owned unit Keppel Verolme BV has stopped work on the MPU Heavy Lifter project after MPU Offshore Lift ASA petitioned for bankruptcy in Norway.

The project was worth 140 million euros ($221 million), and Keppel Verolme said it has received payments from MPU to meet all costs incurred to date
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Keppel Corp

Postby winston » Tue Jul 01, 2008 2:01 pm

Not vested. From CIMB:-

MPU submits petition for bankruptcy

Keppel Corp announced that its Netherlands subsidiary, Keppel Verolme BV has received a notice from MPU Offshore Lift ASA (MPU) that it has decided to submit a petition for bankruptcy in Norway. Therefore Keppel Verolme has stopped work on the MPU Heavy Lifter project immediately.

To recap, the contract was awarded to Keppel Verolem in Dec -06 at Euro 140m for the construction of a floating heavy lifter for the purpose of decommissioning of offshore structures. Keppel Verolme has received payments from MPU for all costs it has incurred to date on the project. The project was originally scheduled for delivery in 1Q09.

Comments Insufficient financing from MPU. Industry sources said that the vessel is highly complex and has resulted in cost overruns compared to the original budget. According to rigzone, MPU is still trying to secure for financing to complete the project. The estimated cost increase to finalise the project is approximately Euro100m. Keppel unlikely to takeover heavy lift vessel. While the next cause of action has yet to be decided, the ownership of the vessel remains with MPU and we believe it is unlikely for Keppel to complete the project and sell in the open market.

More sell down expected.
Following last week’s negative newsflow pertaining to variation order dispute with Fred Olsen Energy over the cost of semi-submersible upgrade, we believe Keppel’s share price could be further dampened by the bankruptcy petition of MPU.

Impact estimated to be about S$12-18m for Keppel Offshore & Marine. We believe Verolme’s earnings could be dampened due to the work freeze and inability to take on new jobs from other yards in such a short notice. We estimate loss of earnings could be about S$12-18m in total from FY08 to FY09.

Valuation and recommendation
Earnings estimates trimmed by 0.4-1% for FY08-FY09 for Keppel O&M as a result of the cancellation of the current contract. However our target price remains at S$13.70, still based on sum-of-the-parts valuation. Maintain Outperform.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Keppel Corp

Postby winston » Mon Jul 07, 2008 9:24 pm

Not vested.

July 7, 2008, 6.26 pm (Singapore time)
Keppel Corp wins US$405 mln Scorpion contract

SINGAPORE - Singapore rig-builder Keppel Corp said on Monday that its unit Keppel FELS has won a contract from Norway's Scorpion Offshore to build a deepwater semi-submersible rig worth US$405 million.

Upon its completion in the fourth quarter of 2011, the rig will be chartered by Scorpion to Brazilian national oil company Petrobras for a period of six years, Keppel said in a statement. -- REUTERS
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Re: Keppel Corp

Postby Musicwhiz » Mon Jul 07, 2008 10:03 pm

Thanks Winston, I am keeping track of what Keppel Corp and Semb Marine are building for their customers; cos they have an impact on the companies I own (i.e. Ezra and Swiber).

Keep the updates flowing. :)
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