Keppel's offshore arm secures $263m worth of deals

The recent deal it nabbed was with Petrovietnam Technical Services.

The year has been smooth sailing so far for Keppel's offshore and marine unit after it has won three contracts with a total value of around $263m.

According to RHB, the latest deals Keppel managed to nab were the two separate contracts for dredgers and liquefied natural gas (LNG) carriers awarded by Jan De Nul and Stolt-Nielsen. The contract comes with an option of supplying another three more LNG carriers.

Keppel was also given a tension leg wellhead platform (TLWP) contract by the Petrovietnam Technical Services for the Ca Rong Do field development. This contract is worth US$40m.

RHB noted that with all these jobs at hand, Keppel's orderbook is is expected to have risen to $3.7b. Last year, Keppel secured $500m worth of contracts. RHB said around the same value of contracts will be nabbed by Keppel this year.

Meanwhile, RHB mentioned that Keppel is also focusing on expanding its stable recurring income from its property, infrastructure and investment divisions.

"These sources of income would complement the earnings that are based on projects in its offshore & marine unit. In FY16, c.40% of its net profit came from a recurring base," RHB said.

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