StockNews - Keppel Corp clinches project (again)

Singapore based government linked company, Keppel Corporation has for the past few days gained contracts worth up to US$447 million. These new contracts for deepwater projects brings Keppel's order book to around S$9.3 billion. As of today, Keppel's new contracts in 2006 has been worth a remarkable S$2.1 billion while for the whole 2005, contracts gained by Keppel are worth a total of S$6.0 billion. The latest projects come from Olsen Energy and Global Santa Fe. The stock has moved up 10 cents from S$13.00 closing price yesterday, but with so much good news coming in from Keppel, prices are expected to move up further.

Keppel have also made a general offer to purchase 70.5% of the total common shares of Keppel Philippines Marine Inc (KPMI), listed in the Philippines stock exchange. It will pay 1.00 peso per share and the cost to Keppel will be around S$26 million, which should be a small sum for Keppel. Its offer will allow it to gain control if it passes through and possibility delisting the company from the Philippine stock exchange. KPMI owns 3 shipyards in the Philippines which mainly functions in ship repair.