I started serious Investing Journey in Jan 2000 to create wealth through long-term investing and short-term trading; but as from April 2013 my Journey in Investing has changed to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

Since 2017 after retiring from full-time job as employee; I am moving towards Investing Nirvana - Freehold Investment Income for Life investing strategy where 100% of investment income from portfolio investment is cashed out to support household expenses i.e. not a single cent of re-investing!

It is 57% (2017 to Aug 2022) to the Land of Investing Nirvana - Freehold Income for Life!

Click to email CW8888 or Email ID : jacobng1@gmail.com

Welcome to Ministry of Wealth!

This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!

"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

"For the things we have to learn before we can do them, we learn by doing them." - Aristotle

It is here where I share with you how I did it! FREE Education in stock market wisdom.

Think Investing as Tug of War - Read more? Click and scroll down

Important Notice and Attention: If you are looking for such ideas; here is the wrong blog to visit.

Value Investing
Dividend/Income Investing
Technical Analysis and Charting
Stock Tips

Monday 30 September 2013

Q3 2013 Investment Performance Report

Read? H1 2013 Investment Performance Report

A Goal-based Investing Approach

Using Goal-based Investing Approach by setting for myself a 10-year progressive Goal Targets to achieve for each year starting from 2012 to 2021.

Year 2: Q3 2013 Result

Achieved 14.8% against 16% of 2021 Goal Target.

Portfolio XIRR

Track, measure and visualise!

Without doing it how to revise investing strategies and improve year-on-year investing performance?



My Portfolio's XIRR includes all investible cash plus the current stocks value at market closing price as on 30 Sep 2013.

Since one year ago: +2.6%
Since 1 Nov 2008: +6.3%
Since 1 Jan 2003: +10.7%
Since 1 Jan 2000: +9.7%

Riding the market cycles of Bull and Bear

Liquidity and Permanency
Liquidity of Capital (War Chest) for the Next Bear and Permanency of staying Invested for the Next Bull as we can't effectively time the market.
Having taken back 100% of Investing Capital as War Chest for the next Bear; it will be like Year 2000 all over again; but this time Uncle8888 is armed with Master Degree in Stock Market and going for PhD. in Stock Market.
It is going to be more exciting this round!
This time, regular readers will be able to watch "Full Time" actions on how investing lessons for PhD course are conducted here.
In the last two courses, readers could only watch "Half Time" actions as Uncle8888 has only started to blog in 2006.

When will Mr Bear come?

Retirement Income for Life
Current: 61.8% Target: 67%
Work In Progress ...



Almost 2 in 3 Singaporeans are already planning their 'semi-retirement': study

Singapore Business Review

And they're eyeing a retirement at age 57.

Axcording to HSBC’s Future of Retirement study: Life after work? study, semi-retirement is a popular aspiration among people who are working in Singapore where close to two-thirds (61%) of those still in their active working years plan to or are already in semi-retirement. 

Semi-retirement, defined by this research as a reduction in working hours but a continuation of some paid employment as one approaches or reaches retirement age, is largely seen as a way of funding early retirement rather than extending working life beyond retirement age.

The research shows that, on average, people in Singapore expecting to semi-retire typically plan to do so three years (at age 57) before fully retiring from all paid employment (at age 60). 

Motivations for wanting to move into semi-retirement are largely positive. Over half (57%) want to keep active and their brains alert, 43% because they enjoy working and 41% to ease the transition into full retirement.

For others, semi-retirement may be borne out of necessity than choice. Financial issues are denying many the prospect of full retirement, compelling them to remain in the workforce.

Almost a third (30%) expect to have to semi-retire because they cannot afford to retire full time and a quarter (23%) will need to do so to bridge a shortfall in retirement income. 


Sunday 29 September 2013

Stocks too risky for this businessman

Just For Thinking ...

invest, thesundytimes, Sep 29

"My dad tried out stocks in 1990s and got burnt during Asian financial crisis," he recalled.

"About a decade later, my elder brother lost money too when the recent global financial crisis hit the market."

Read? The truths behind the ideas of making money in the stock market.


Until you have your 3M's in place, stocks are too risky for you.

Don't ever hoot tua tua and average down. Sure win when market turns???

Scrutinise financial investment seminars too (2)

Read? Scrutinise financial investment seminars too

invest, thesundaytimes, Sep 29
Lessons from fallen financial idols

From Bernie Madoff, mastermind of the biggest Ponzi scheme in history, which cost investors at least US$18 billions in losses when the law finally caught up with him.

Some advice he offered to investors on how to avoid getting scammed boils down to common senses.

Madoff said: "Wall street is not that complicated. If you ask an average hedge fund or investment firm how they make money, they won't tell you. If you don't understand something, then don't invest in it."


And he noted that if an investment sounds too good to be true, it is. He had offered his clients a consistent 11 % to 12% year after year which made no sense, yet nobody questioned him about it and he was able to continue with his scam for along time.


Why did Madoff said: "consistent 11 % to 12% year after year which made no sense."?

To understand why?

We just need to look at the benchmark of the world's best investors and their respective CAGR and have some common sense and be realistic on the not-world-class expected average return.

Same for any "Gurus" who claimed to have discovered the Wonderful Magic to make you rich.

Have some common sense; but common sense is not exactly common and that explains why many gullible will always fall into it.

3M's - Method, Money, Mind (5)

Read? 3M's - Method, Money, Mind (4)

Mind: The ring that rules them all! - SMOL

Now, let Uncle8888 shares this story ....

One version of this Taoist Story

One day a man was standing at the edge of a pool at the bottom of a huge waterfall when he saw an old man being tossed about in the turbulent water. He ran to rescue, but before he got there, the old man had climbed out onto the bank and was walking alone, singing to himself.

The man was astonished and rushed up to the old man, questioning him about the secret of his survival. The old man said that it was nothing special. "I began to learn while very young, and grew up practising it.

Now, I'm certain of success. I go down with the water and come up with the water. I follow it and forget myself. The only reason I survive is because I don't struggle the water's superior power."

Read? Master the Art of Formless Form - The Greatest of All Kung Fu in Investing

To think is easy. To act is difficult. To act as one thinks is the most difficult of all. - Johann Wolfgang

Same like 3M's - Method, Money, and Mind.

To act as one thinks on his/her 3M's is even more difficult as one M is likely be in conflict with other Ms  - Createwealth8888

Like the old man in the Taoist story, he keeps on learning and practising until he is certain of success, and then he forget himself and just follow the flow of the water.

The market is like the water. Don't ever struggle against it if you want to survive.

Saturday 28 September 2013

3M's - Method, Money, Mind (4)

Read? 3M's - Method, Money, Mind (3)

Read? 4 Money Mindsets: Which Is Yours?

Uncle8888 belongs to the group of Perfectionists in the financial planning personalities who are not in the main stream of retail investors' mindset.

Perfectionists tend to .....

  • Think too much.
  • Plan too much.
  • Track too much
  • Measure too much
  • Concern too much
  • Goals too many

... excluding Analysing too much (This is Uncle8888: Less Analysing. More Investing)


Read? The 3 Ms Part 3 - Mind (The ring that rules them all)

SMOL said: The ring that rules them all!

When it comes to investing our hard-earned money, most of us may know deeply in our heart, it all about controlling our Mind over Greed and Fear

across market cycles of Bull and Bear to reach our long-term investing Goals.

Our Mind will always be in conflict with our Money and Method whenever there is too much uncertainty and volatility in the market as most of us are likely to fear losing too much money or losing our gains back to the market.

No Goals. How?

For those who don't have any definite long-term investing Goals, your Mind may be more towards to the favour of the day or favour of the week in the market.

You have to act upon what in your Mind, Money and Method.

Cannot have conflicts to win. Right?

See the difference?

Who are you and mind your 3M's?



Friday 27 September 2013

Semb Corp: Six days of White Candles and looking to test the next resistance at $5.35



4 Money Mindsets: Which Is Yours?

The Perfectionists — (Comprehensive Planners) 19% of Americans

These consumers know the exact route to their financial goals, whether they drew the map themselves or sought professional planning guidance. Not only do they have a household budget, which includes retirement savings and insurance, but they work toward specific savings goals.

  • Two-thirds use a Certified Financial Planner or registered investment adviser for planning assistance.
  • 88% have a specific plan for retirement.
  • 80% have a plan for emergency savings.
  • More than half have a household income greater than $100,000.

Uncle8888 is one of The Perfectionists!

Should also include specific investment goals.

Read? 4 Money Mindsets: Which Is Yours?

Want to work or Need to work

Real life example of huge difference in "Want to work" and "Need to work".

When we need to work for a living, it practically leave us with little or no options.

Read? True joy comes from helping others in hardship???











































Thursday 26 September 2013

Floatel newbuild for Ichthys


Floatel International has secured a contract to deploy its latest newbuild accommodation and construction support vessel at the Ichthys LNG project in Australia.

The Swedish contractor intends to deploy the Floatel Triumph harsh-environment semi-submersible unit, ordered last month at Singapore yard Keppel Fels for $280 million, for work at the Inpex-operated scheme.

However, Floatel did not disclose details about the value or duration of the charter deal with the Japanese operator that is developing the Icthys gas field, located about 220 kilometres off the north-west coast of Western Australia.

The Floatel Triumph, due for delivery in December 2015, is a DP3 vessel with accommodation capacity for 500 people.

It is fifth newbuild to be ordered by Floatel with two sister units, Floatel Victory and Floatel Endurance, currently being built at Keppel Fels and scheduled for delivery in November this year and January 2015, respectively.

Floatel Victory is lined up for work both at Chevron’s Jack-St Malo field in the Gulf of Mexico and BP’s Clair Ridge field West of Shetland, with the latter contract due to start in June 2015.

Floatel Endurance has been signed up by Clough Projects Australia to work on the Wheatstone project on the North West Shelf, starting in the first quarter of 2015.

Two existing units, Floatel Superior and Floatel Reliance, are working for Statoil off Norway and Petrobras off Brazil, respectively.

Semb Corp: Survived profit taking today. Still bullish!

Sembcorp Salalah completes S$173m IPO in Oman

SINGAPORE: Sembcorp Salalah Power and Water Company, a unit of Sembcorp Industries, has completed an initial public offering (IPO) in Oman.
Raising around OMR$53 million (approximately S$173 million), this makes the listing the largest share offer in Oman so far in 2013.
Public trading in the company on the Muscat bourse will begin on or around October 10.
Sembcorp said in a statement the IPO was "comfortably oversubscribed" with strong demand from investors across the Sultanate, the GCC and Europe.
Prior to the listing, Sembcorp's wholly-owned subsidiary Sembcorp Utilities owned 60 per cent of Sembcorp Salalah.
Following the IPO, Sembcorp will recognise a total gain of approximately S$117 million, including a S$37 million gain on its 20 per cent equity interest sold through the IPO, and a fair value gain of S$80 million on re-measurement of its remaining 40 per cent equity interest in the company.
The operator of a power plant and seawater desalination facility in Oman had offered 33.4 million existing ordinary shares or 35 per cent of its share capital at a price of 1.59 rials per share.
Sembcorp's Group President & chief executive officer Tang Kin Fei, said, "As a project partner and long-term shareholder of the company, we look forward to serving the essential power and water needs of the region for many more years to come.
“At the same time, Sembcorp is committed to growing our business in Oman. For instance, we have embarked on a second project in the country to develop centralised utilities facilities in Duqm (in central-eastern Oman)."
The transaction is expected to have a positive impact on the earnings per share of Sembcorp Industries for the current financial year.

Stocks post 5-day decline as DC drama lingers

By: | CNBC.com Stock Market Writer
Stocks ended lower Wednesday, with the Dow and S&P closing in the red for the fifth-straight day, as jitters over budget talks in Washington continued to weigh on markets.

Major averages are on track for their first losing week in four.

The Dow Jones Industrial Average slumped 61.33 points to end at 15,273.26,

The S&P 500 dipped 4.65 points to finish at 1,692.77. The Nasdaq slid 7.16 points to close at 3,761.10. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, ended near 14.


Wednesday 25 September 2013

Fundamental or Technical Analysis? (3) - Re-posted

Read? Fundamental or Technical Analysis? (3)

Stocks log 4-day losing streak on Fed uncertainties

The Dow Jones Industrial Average fell 66.79 points to end at 15,334.59, dragged by JPMorgan and Verizon.

The S&P 500 slid 4.42 points to close at 1,697.42, while the Nasdaq eked out a gain of 2.97 points to finish at 3,768.25.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, ended near 14.

Meanwhile, the Russell 2000 index crept higher to hit an all-time high. Small-cap stocks have led for most of the year, surging nearly 27 percent.

Tuesday 24 September 2013

Scrutinise financial investment seminars too

Published September 24, 2013


NOWADAYS, there are many advertisements in the daily papers inviting the public to attend free financial investment seminars. Besides the print media, this message is purveyed via e-mail, flyers, phone messages, investment fairs, etc. These are similar to the invitation to attend free property investment seminars highlighted in the front-page report, "Property investment seminars on CEA radar" (BT, Sept 23).

Invariably, these "free" investment seminars are only appetisers to tempt and entice the public to sign up for the full seminar which is usually held over the weekend at an exorbitant price that can run into a few thousand dollars.

Like property investment seminars, speakers at these financial investment seminars make bold claims that their secret proprietary techniques can make the trader rich in a very short span of time. Using mainly technical analysis (TA), they claim that their methods are very simple and one only needs to be able to follow the "buy" signals and the "sell" signals to know when and what to buy and sell.

One seminar even claimed that one need not have any knowledge of computers and software: a ruler is all that is needed. They even have indicators named after them. As anyone with a smattering of TA will know, indicators are based mainly on the past history of prices and are known as "lagging" indicators. Using TA to predict the future can be likened to making forecasts by reading the tea leaves left in a tea cup.


CW8888's comment

Sometime, we just need to exercise some common sense and benchmark the "Gurus"'s investment or trading return against the world best investors and avoid been too gullible.

When the "Gurus" are beating the world best investors, do you think they still need to make money from course fees?

Read? It is cheap for obvious reason.

World's best investors and their CAGR

Semb Corp: Tough resistance ahead!

At 77 He Prepares Burgers Earning in Week His Former Hourly Wage

By Carol Hymowitz - Sep 24, 2013

It seems like another life. At the height of his corporate career, Tom Palome was pulling in a salary in the low six-figures and flying first class on business trips to Europe.

Today, the 77-year-old former vice president of marketing for Oral-B juggles two part-time jobs: one as a $10-an-hour food demonstrator at Sam’s Club, the other flipping burgers and serving drinks at a golf club grill for slightly more than minimum wage.

While Palome worked hard his entire career, paid off his mortgage and put his kids through college, like most Americans he didn’t save enough for retirement. Even many affluent baby boomers who are approaching the end of their careers haven’t come close to saving the 10 to 20 times their annual working income that investment experts say they’ll need to maintain their standard of living in old age.

For middle class households, with incomes ranging from the mid five to low six figures, it’s especially grim. When the 2008 financial crisis hit, what little Palome had saved -- $90,000 -- took a beating and he suddenly found himself in need of cash to maintain his lifestyle. With years if not decades of life ahead of him, Palome took the jobs he could find.


Moral of the Story: Must seriously plan for a good Retirement Income For Life!

Stocks post 3-day losing streak

By: | CNBC.com Stock Market Writer

Stocks closed lower for the third-straight session Monday, extending sharp losses from the previous week, as investors digested headlines from Fed officials and amid ongoing worries over the debt ceiling and budget wrangling in Washington.

The Dow Jones Industrial Average declined 49.71 points to end at 15,401.38, dragged by new Dow member Goldman Sachs. Visa and Nike also officially joined the blue-chip index Monday, replacing Alcoa, Hewlett-Packard and Bank of America.

The S&P 500 dropped 8.07 points to close at 1,701.84. And the Nasdaq fell 9.44 points to finish at 3,765.29.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, spiked above 14.


Monday 23 September 2013

15% of Singapore retirees' income drop by more than half

Singapore Business Review
And some earn less than they expected.

According to HSBC’s Future of Retirement study: Life after work?, a third of retirees (31%) experience a fall in income once they enter retirement with 15% seeing it decline by more than half compared to their pre-retirement income.

A quarter of retirees (24%) found themselves earning less during retirement than they had anticipated.

This shortfall appears more acute among female retirees, with 54% getting a lower income compared to 15% male retirees.

Impact of the global economic crisis (57%), insufficient planning (23%), and lower inheritances than expected (19%) are the main reasons cited by respondents for retirement income falling below their expectations.

While retirement income has declined for many, it does not necessarily mean a corresponding decrease in expenditure. Two-thirds of retirees (66%) say their spending is greater than or the same as before retirement.

Where expenditure does fall, it does not do so by much. Only a small minority (3%) have reduced their outgoings by more than half.

Supporting one’s children financially even while in retirement is becoming common. Retirees in Singapore continue to provide for their children where 27% are supporting their children financially while 38% of working people expect to do so in the future. On the other hand, the research also shows that over a third of retirees (36%) are not financing anyone during retirement and 34% of working people do not expect they have to do so when they retire. 


Hmm..  Retirement doesn't mean spending less.

3M's - Method, Money, Mind (3)

Read? 3M's - Method, Money, Mind (2)

Method generally just provides you with your Entries and Exits. 
Even though most of your Entries and Exits are perfectly executed; it doesn't necessarily means that you are going to become rich in stocks. It may just be boosting your own ego!
Wait a minute!
How about becoming the next "Guru" conducting courses?
Surely all will be impressed with your near perfect Entries and Exits.
Money is more than just protecting profit and cutting losses.

The most important thing in Money is Position Sizing. This will determine whether you are going to become rich in stocks or not.

Your position sizing matters!

But, that will depend on your Account Size.

Now Your Account Size really matters!

Read? Your account size

It has never been easy to be right in stocks. But, when you are right; what have you?
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." ~ George Soros


Sunday 22 September 2013

3M's - Method, Money, Mind (2)

Read? 3M's - Method, Money, Mind

You still don't think THAT is more superior.

Read what Larry Williams said:

Read? Money

Read what Jesse Livermore said:

Read? Should our investing decisions be continuous struggle??? (3)

Saturday 21 September 2013

Like it or not. We as ordinary retail investor have to measure our investment performance. Why??? (2)

Read? Like it or not. We as ordinary retail investor have to measure our investment performance. Why???

When does XIRR really matters?

Most retail investors' investing goals and road map will look like this one.

XIRR really matters during Growth phase of our long investing journey towards official retirement or early retirement.

XIRR is the speedometer of our investment portfolio strength; it will roughly tell us ETA (Estimated Time of Arrival) to cross over into Income phase.

During Income phase, your Absolute Return now really matters!

When your absolute return is not enough to meet your living expenses in your retirement; then XIRR is just for boosting your ego. It doesn't help much!

But, when your Absolute Return and XIRR are both high, then it is not just for boosting ego; in fact you have arrived. You should also have earned your right to boast and not just boost.




3M's - Method, Money, Mind

Read? The 3 Ms Part 3 - Mind (The ring that rules them all)

After reading the enlightening posts by SMOL

It is the right time to be truthful to ourselves. We should take a hard look at our investing strategies and our portfolio's XIRR over our last investing time frame. (You may want to restart your investing time frame and measure your Portfolio's XIRR from that point onwards)

Are we happy with the our investing performance and will continue working more with the same?

When our answer is No; then we must be truthful to ourselves.

Are we spending most of our time and energy in doing THIS or THAT?

THIS ...

THAT ...

Read? 3Ms Method, Money, and Mind

The most important skill of Great CEOs is Capital Allocation.

How about the most important skill of Great Retail Investors as we are all CEOs of our Investment House? No?

Dow posts 185-point drop

By: | CNBC.com Stock Market Writer

Stocks sold off sharply Friday, with the Dow erasing all of its gains since the Fed's announcement, as uncertainty over the central bank's bond-buying program spooked Wall Street.

Volatility was amplified as Friday also marked the "quadruple witching," when stock index futures, stock index options, stock options and single stock futures all expire. This event takes place four times a year on the third Friday of March, June, September and December.

The Dow Jones Industrial Average plunged more than 180 points, dragged by Caterpillar and Microsoft. The blue-chip index set an all-time high on Wednesday and is still posted a gain for the third-straight week.

The S&P 500 and the Nasdaq also closed sharply lower.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, ended above 13.

For the week, the Dow rose 0.49 percent, the S&P 500 rallied 1.30 percent and the Nasdaq jumped 1.41 percent. Boeing led the weekly Dow gainers, while UnitedHealth slumped.


Friday 20 September 2013

Keppel: Sale Of 50% Stake In Keppel Kazakhstan For US$32.5 Million

Keppel Corporation Limited's wholly-owned subsidiary, FELS Offshore Pte Ltd, has entered into a sale and purchase agreement with KazStroyService Global Engineering B.V. for the sale of 2 shares, representing 100% of the issued and paid up capital of Berich Enterprises Limited, an indirect wholly-owned subsidiary of the Company, at a consideration of US$16,250,000 per share. Berich is an investment holding company that holds 50% of the issued and paid up capital of Keppel Kazakhstan LLP, an associated company of the Company. The principal activities of Keppel Kazakhstan are the design, engineering and construction of barges, pontoons, pipe racks, modules, and drilling units for the oil and gas industry in the Republic of Kazakhstan. The aggregate cash consideration is US$32,500,000.

Semb Corp - Dividend as Panadol

Keppel grows footprint in Azerbaijan with new shipyard

President of Azerbaijan, H.E. Ilham Aliyev, graces the official opening of new Baku Shipyard

A new shipbuilding yard that is jointly developed by Keppel Offshore & Marine Ltd (Keppel O&M), State Oil Company of Azerbaijan Republic (SOCAR) and Azerbaijan Investment Company (AIC) was officially opened this morning by President of Azerbaijan, H.E. Ilham Aliyev. Singapore's Senior Minister of State for Trade and Industry, Mr Lee Yi Shyan, also attended the inauguration ceremony of the new yard.

Named Baku Shipyard LLC (Baku Shipyard), the new 62-ha yard in Baku, Azerbaijan, is designed to undertake the construction of a wide range of specialised vessels and merchant ships including subsea vessels, anchor handling tug/supply vessels and multi-purpose offshore support vessels such as platform supply vessels, as well as tankers and cargo vessels. The yard also has ship repair and conversion capabilities.

Baku Shipyard adds to Keppel's existing footprint in Azerbaijan where it has been operating the Caspian Shipyard Company (CSC), also a joint venture between Keppel O&M and SOCAR, since 1997.

Keppel O&M currently has 10% share in the new yard, while SOCAR and AIC own the remaining 65% and 25% respectively. Keppel O&M will be responsible for the management and operation of the yard.

Phase 1 of the yard was built at an estimated cost of US$470 million. When operating at full capacity, it is able to undertake up to 100 repairs and conversions per annum and is estimated to achieve an average annual steel output of 25,000 tons. Plans for Phase 2 include the construction of a graving dock with added facilities for offshore projects.

The yard is already in discussions on several potential new projects ahead of its opening, and has received two contracts worth about US$50 million in total - to construct one unit of 50-tonne bollard pull azimuth stern drive tug and one set of pontoons for a semisubmersible in conjunction with CSC.

Mr Tong Chong Heong, CEO of Keppel O&M, said, "The inauguration of Baku Shipyard signals the opening of a new and additional chapter in the long-standing partnership between SOCAR and Keppel O&M. Our participation in the yard demonstrates our commitment to be a long-term solutions provider for Azerbaijan.

"From our years of cooperation with SOCAR in CSC, we have accumulated a rich reservoir of technical know-how as well as meaningful market insights and networks to operate a first-class shipyard. SOCAR and Keppel O&M will continue to leverage our collective strengths to achieve new successes through our partnership in the Baku Shipyard.

"In this regard, Baku Shipyard will also build upon CSC's experiences, and at the same time support CSC in its construction activities. The new yard reinforces Keppel O&M's Near Market, Near Customer strategy and enables us to unlock synergy in our Caspian operations. We are hence confident that our enhanced presence in Azerbaijan will place us in good position to capture more growth opportunities and contribute significantly to the region's energy sector."

Mr Rovnag Abdullayev, President of SOCAR, said, "We are very happy that our partnership with Keppel O&M has once again borne fruit with the successful opening of Baku Shipyard. With the strong growth potential in Azerbaijan's oil and gas sector, we believe that Baku Shipyard is well placed to support this growth and contribute to the country's economic development.

"As a leading global offshore and marine group, Keppel O&M will bring its invaluable experience to Baku Shipyard, and we are confident that our combined strength will propel the facility into an internationally recognised centre of excellence in shipbuilding, repair and conversion."

Following the inauguration of the Baku Shipyard, President of Azerbaijan, H.E. Ilham Aliyev named a new floating drydock at the yard. He also officiated at a strike steel ceremony for the semisubmersible drilling rig that is being built by CSC for a subsidiary of SOCAR, Caspian Drilling Company Ltd. Built to Keppel's proprietary design, DSSTM38M, the rig is expected to be completed in 4Q 2016.

The above mentioned joint venture and contracts are not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation Limited for the current financial year.
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