Keppel Corp (BN4.SG) extends its gains slightly and is up 0.8% at $10.80 vs up 0.4% to $10.76 midday, as a US$180 million ($236 million) rig contract from new customer Jasper Investments (FQ7.SG) piques interest.

The contract value could double to US$365 million if Jasper exercises an option for an additional rig. “We believe Keppel’s shares will continue to re-rate as order flows increase,” says RBS, which has a Buy call and a $13 target; “consensus is still in the process of factoring in the full extent of potential Petrobras orders or the increase in demand for high-end jack-ups.”

Keppel’s initial rig is slated for delivery in 2H12 and brings the total value of new orders secured this year to $3 billion. The $11 resistance level, which hasn’t been breached this month, is likely to hold.