Keppel pops the champagne on record $14.4b orderbook

New order wins hit $1.9b.

According to DBS, core net profit of S$339m was flat y-o-y if exceptional items are excluded in 1Q13. 

It makes up c.22% of their and consensus’ full year estimates. O&M operating margin held up at 14.2%.

Here's more from DBS:

The strong O&M earnings, which grew 11% y-o-y, was offset by weaker earnings from property (absence of tax write-backs) and infrastructure. There was no further provision for infrastructure EPC contracts in 1Q14.

Record S$14.4bn orderbook. The S$1.9b new order wins in the quarter is impressive and accounts for 32% of our full year forecast of S$6b.

Group order book reached a new high of S$14.4b, providing revenue visibility up to 2019.

This was partly attributed to their global network of 20 yards to be close to customers. The industry remains robust, backed by high oil prices, ageing jack ups, and 6% growth in E&P spending last year.