Shipyards & Oil Services - Keppel wins S$125 mn jobs; Cosco requests for stock suspension

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Singapore/Malaysia Offshore & Marine News
Keppel Shipyard secures contracts worth S$125 million. Keppel Offshore & Marine Ltd (Keppel O&M)'s wholly owned subsidiary Keppel Shipyard Ltd has secured a FPSO conversion contract as well as three repair, upgrade and modification contracts worth a total of about S$125 million. The FPSO conversion project for Armada Madura EPC Limited, a JV between Bumi Armada Berhad (Bumi Armada) and Shapoorji Pallonji Group, is the third conversion contract from Keppel. It has already commenced and is scheduled to complete in 3Q 2016. Separately, Keppel Shipyard has been awarded major repair, upgrade and modification contracts by Totem Ocean Trailer Express Inc. (Totem Ocean), Dolphin Drilling Limited (Dolphin Drilling) and old customer Saipem Offshore Norway AS (Saipem Offshore). (Company, Aug 11)

China/Korea News
Cosco Corporation requests for suspension. The company seeks trade halts for a significant transaction that may have an impact on company's securities. (Bloomberg, Aug 11)

Industry & Order News Flow
Kris Energy raised S$169.5 million gross from rights issue.(Bloomberg, Aug 11) 

Swiber proposes share consolidation. Every 2 existing issued ordinary shares in the capital of the Company held by shareholdersto be combined to 1 ordinary share. (Bloomberg, Aug 11)

ASEAN Energy & Upstream  Ramba Energy to start oil output from Lemang block early 2016. (Bloomberg, Aug 11) (Read Report)

Source : JP Morgan Asia Pacific Equity Research

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