Keppel delivers second jack-up rig out of the 10 ordered by Borr Drilling

Keppel delivers second jack-up rig out of the 10 ordered by Borr Drilling

By: 
Michelle Zhu
13/06/18, 05:24 pm

SINGAPORE (June 13): Keppel Offshore & Marine’s (Keppel O&M) subsidiary, Keppel FELS, has delivered its second jack-up rig for the year to Borr Drilling’s subsidiary Borr Skald – safely, on time, and on budget.

The delivery of Skald follows that of Saga earlier this year, with another eight on order.

In a press release on Wednesday, Keppel O&M says the latest jack-up rig, Skald, is capable of operating in 400 ft water depth and drilling to 35,000 ft.

It is built to Keppel’s KFELS Super B Class design and equipped with cantilever skid-off capabilities, with a maximum combined cantilever load of 3,700 kips, as well as high-capacity hook loads of two million pounds.

The KFELS B Class designs are developed by Keppel’s technology arm, Offshore Technology Development. According to the group, these designs have a market share of about a quarter of all jack-up rigs delivered since 2000.

“The delivery of a second high-specification KFELS Super B Class rig to Borr Drilling reaffirms our design and execution capabilities as well as our commitment to provide win-win solutions for our customers,” says Chris Ong, CEO of Keppel O&M.

“We have leveraged the synergies of working on multiple rigs for Borr Drilling to improve efficiency and ensure an on time and on budget delivery. This has also been achieved with an excellent safety record while maintaining Keppel FELS’ hallmark quality standards,” he adds.

Shares in Keppel Corp closed 16 cents lower at $7.32 on Wednesday.

CapitaLand Mall Trust upgraded to 'buy' by UOB on Jurong Lake District plans, Funan launch

SINGAPORE (May 27): CapitaLand Mall Trust will benefit from the development of Jurong Lake District (JLD) as it has three retail malls located within Jurong Gateway, says UOB KayHian. See: CapitaLand Mall Trust declares 3.6% higher DPU of 2.88 cents on higher income IMM Building, JCube and Westgate, which in total accounts for 20% of CMT’s portfolio valuation, are located within Jurong Gateway and adjacent to Jurong East MRT station. Meanwhile, Funan, which is about 90% pre-committed for retail space and 98% pre-committed for office space, is scheduled to open next month. See als....
Read More >>

Time to 'buy' MindChamps as growth initiatives bear fruit: RHB

SINGAPORE (May 27): RHB Research continues to keep MindChamps Preschool at “buy” at a lower target price of 83 cents compared to 87 cents previously, indicating a 26% upside plus 2.2% yield. The reduced target price comes after cutting FY19-20F earnings by 7% and 11%, respectively, upon management indications that adopting SFRS 16 has negatively impacted the group’s 1Q19 pre-tax profit by about $90 million or -15%. In a May 17 report, analyst Juliana Cai says she nonetheless remains positive on MindChamps as she expects the group to start reaping returns from its investments as its....
Read More >>

Ascendas-Singbridge establishes co-innovation lab with IMDA & Enterprise Singapore

SINGAPORE (May 27): Singapore’s smart nation ambitions have been further bolstered by a new partnership between Ascendas-Singbridge, Infocomm Development Authority of Singapore (IMDA) and Enterprise Singapore (ESG) to form the Smart Urban Co-Innovation Lab. All three parties are looking to have a total of 30 co-innovation projects come out from the lab, which is expected to be launched at the end of the year as the first developer-led lab in Southeast Asia. This announcement follows last year’s call for innovation led by IMDA, Ascendas and JTC. Ascendas has published 12 probl....
Read More >>