Keppel Corp, the world’s largest rig builder, reported a better than expected 12% rise in its full-year net profit on Tuesday, helped by stronger margins in the offshore marine business and in its property arm.

The company, more than one-fifth owned by Singapore state investor Temasek Holdings (TEM.UL), posted a net profit of $1.42 billion before exceptionals, up from $1.26 billion a year ago.

The profit was ahead of analysts estimates of $1.32 billion.

Keppel’s orderbook stood at $4.6 billion, up from $4.1 billion in September 2010.

The company also said it has proposed a bonus issue of one new share for every ten existing shares.

The industry is expected to see more orders flowing through as more stringent drilling regulation, following the massive exploration accident in the Gulf of Mexico, would force operators to replace their old rigs.