Keppel, Sembcorp Rallies Seen Ending as Oil-Rig Orders Drop
- Baring Asset, Henderson Global not buying the two stocks
- Oil-rig makers remain at risk of client spending cuts
The Floatel Triumph, a semi-submersible accommodation rig developed by Keppel Offshore & Marine.
Photographer: Nicky Loh/BloombergThis article is for subscribers only.
The world’s two biggest builders of oil rigs saw their stocks rise the most in more than two years last month as crude rebounded. Investors looking for more gains shouldn’t get their hopes up just yet, Baring Asset Management and Henderson Global Investors say.
Keppel Corp. surged 13 percent and Sembcorp Marine Ltd. rose 7.8 percent in March, the largest monthly gains since January 2012 and September 2013 respectively. Oil climbed briefly above $40 a barrel last month, a level not seen since December.