Reasons why Singapore market was 'tantalised' by Keppel's jackup orders

Clue: Caspian Drilling's US$800m order.

According to Maybank Kim Eng, tantalised by jackup orders surprising on the upside since the beginning of the year, the market was indeed waiting out for deepwater semisub orders. 

Keppel hinted in its 1Q13 results announcement that it expects to secure at least one semisub order by 2H13.

Here's more from Maybank Kim Eng:

The recent order from Caspian Drilling for a USD800m semisub marks the end to such a wait. We expect orders going forward to consist of an increasing mix of semisub orders given the optimism echoed by leading drillers on the deepwater space in their 1Q13 results.

This should lift confidence in the market that the offshore rigbuilding cycle is indeed on the upturn.