Keppel's contract wins beat Sembcorp Marine's by $190m

Keppel recently scored $1.87b deals.

According to UOB Kay Hian, ytd, Keppel has won S$1.87b of new contracts, marginally surpassing SMM’s contract wins of S$1.68b. SMM’s contract wins include a S$900m letter of intent (LOI) for an EPC contract to build an offshore platform integrated topside. 

Excluding the EPC contract, SMM’s contract wins would come up to S$780m. UOB Kay Hian maintains its 2013 contract win projections of S$5b each for Keppel (2012: S$9.9b) and SMM (S$11.0b).

"Traditionally, quarterly contract wins are uneven, with the first few months of a year typically being a good season for shipyard contract wins. We forecast annual contract wins of S$6b in each of 2014 and 2015 for Keppel and S$5b for SMM,"