Keppel Corp. (BN4.SG) +1.1% at $10.94 after it signs contract to build 2 jack-up rigs worth US$360 million ($470.7 million) with Mermaid Maritime’s (DU4.SG) 49%-owned Asia Offshore Drilling, with option to build another 2 units which would bring total contract value to more than US$720 million.

Modest volume, muted rise likely reflects recent pickup in orders already priced in; shares +10% since end-October. Next major catalyst will be Petrobras tender results, with most analysts tipping Keppel well placed after bid pricing released.