Keppel gunning for more wins from Sete Brazil

Orderbook currently stands at S$13.1b.

According to Nomura, management believes global economic recovery is likely to be sluggish and downside risks remain. Enquiries for JUs and semi-subs remain healthy and management expect to win at least one semi-sub order in 2H13. Keppel has started revenue recognition from Sete Brazil’s first semi-sub and had a net orderbook of SGD13.1bn as at end-1Q13 with deliveries extending to 2019. New orders secured in 1Q13 came in at SGD1.66bn.

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With respect to foreign worker quota (which mandates reducing ratio of local to foreign worker from 1:5 to 1:3.5 by 2015) management guided that it may follow the strategy of moving work to overseas yards.

800MW expansion of the Keppel Merlimau cogen plant which will increase capacity from 500MW currently to 1.3GW remains on track. While the first phase of 400MW is already operational and will start contributing to earnings in 2Q12, the second phase of 400MW will be completed by mid-2013.