Keppel FELS To Build Seventh ENSCO Deepwater Rig Worth US$560m

Keppel FELS, a wholly-owned subsidiary of Keppel Corporation, has won the contract to build the seventh ENSCO 8500 Series deepwater semisubmersible worth US$560m. This sum includes equipment specified by the owner. To be delivered in 2H12, the ENSCO 8506 will be the seventh consecutive semisubmersible that Keppel FELS is constructing for ENSCO International. The contract follows shortly after the award of the sixth semisubmersible that was announced on 1 June 2008.

Starhub and SGX Form Financial Information Service Partnership

Starhub and Singapore Exchange announced that they are partnering to provide a new information service – Financial Information – to 511,000 cable TV households in Singapore via their TV screens. The new service, to be launched on 14 August 2008 on StarHub Digital Cable’s Interactive TV, will enable viewers to access live stock prices and other financial information on SGX – Mainboard, Catalist, Sectors (by Industry), Products and Top 20 summary by multi-industry. Available on Interactive TV (Channel 800), it will be accessible by all StarHub viewers using the digital set-top box, High Definition set-top box or HubStation, at no additional cost.

Zagro Asia Rides On Agri Boom With 91% Jump In 1H08 Earnings

Net earnings of life sciences specialist and Mainboard-listed Zagro Asia soared by 91% in 1H08, from $3.1m to $5.8m as revenue surged by 30% to $69.5m, from $53.3m a year ago. The strong showing by the Group was underpinned by two main factors. Rising market prices for agricultural produce buoyed by robust consumer demand and Zagro’s ability to procure raw materials and intermediates at competitive rates owing to its strong purchasing power and the passing on of the ensuing price increases to their customers. Zagro’s acquisition of Novartis’ Ectoparasiticide brand, Neocidol and Steladone, continued to contribute to both top and bottom lines and by next year, contributions from its recent purchase of BASF (Taiwan) animal nutrition unit will come on stream.

Swiber’s 2Q Net Profit Rockets 258.1% To US$22.2m

Swiber Holdings, a world class service provider in the offshore oil and gas industry, continues to sail strongly ahead on the offshore oil and gas boom. The Group reported earnings of US$22.2m for the 2nd quarter ended 30 June 2008, up 258.1% from a year ago. The impressive bottomline improvement came as Swiber’s revenue surged 391.1% to US$124.5m in 2Q08 from the continued onslaught of offshore construction projects. Commenting on its latest results, Swiber’s CEO, Raymond Goh, said, “Swiber has expanded in size and scale of operations substantially from a year ago. We have more vessels, more regional offices set up and a much stronger reputation - all these have allowed us to take on more projects. In 2Q08, we performed six offshore construction projects simultaneously in Malaysia, Brunei and Indonesia, as compared to just two in Malaysia and Brunei in the corresponding period last year.”

Euro Falls Before Report Forecast To Show Economy Contracted

The euro fell against the yen before a regional report forecast to show Europe’s economy contracted in the second quarter. The currency also declined against the US dollar for a second day as signs of slowing economic growth may prompt traders to reduce bets on higher interest rates in the 15 countries that share the euro. Europe’s economy shrank 0.2% in the second quarter, after 0.7% growth in the first, according to the median forecast of 40 economists surveyed by Bloomberg News. Germany’s economy, the largest in the region, probably shrank the most since 1993, a separate survey shows. Traders have reduced bets the European Central Bank will raise interest rates a second time this year on mounting evidence the slowdown sparked by the collapse of the US housing market is spreading to the region.