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Thursday, 18 October 2012

Kep Corp: 3Q & 9M 2012 REPORT CARD




 
 
SINGAPORE, Oct 18 (Reuters) - Singapore's Keppel Corp Ltd , the world's largest oil rig builder, reported third-quarter net profit of S$346 million ($284.5 million), 15 percent lower than the S$406.1 million it made a year earlier, mainly due to lower-margin projects.
The third-quarter figure was above the S$324 million average forecast of five analysts polled by Reuters. Keppel made net profit of S$520.9 million in the April-June quarter of this year when it booked gains from property units it sold earlier via a deferred payment plan.
In the third quarter, Keppel's offshore and marine segment secured S$7.3 billion in new orders from Brazil, Kazakhstan and Singapore, bringing its net order book to S$13.1 billion at the end of September, with work extending to 2019.
Many analysts remain bullish about the company's outlook due to high oil prices, the need for oil firms to replace old rigs, and rising spending on exploration and production particularly in Brazil, the Gulf of Mexico and West Africa.
However, Keppel warned that with surplus capacity in shipbuilding, more yards are chasing offshore work, and that aggressive competition continues to exert pressure on newbuild prices and margins.
Keppel has been the global market leader in designing and building offshore drilling rigs since 2000, with 50 percent market share for jack-up rigs and 33 percent for semisubmersible rigs, according to a Keppel spokeswoman.
Before its results were released, 21 of 24 analysts tracking Keppel had 'strong buy' or 'buy' ratings on the firm, and three had 'hold' calls, according to Thomson Reuters data.
Keppel competes with Sembcorp Marine Ltd in the offshore marine market.
Keppel shares closed up 0.9 percent at S$11.39 on Thursday. The stock has risen 22 percent so far this year, beating an increase of almost 16 percent for Singapore's benchmark Straits Times Index.

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