Singapore's Keppel (OTC BB: KPELY.PK), the largest offshore drilling rig maker in the world, reported another strong quarter based on year-over-year growth in its offshore and property divisions. Total revenues in the three months ended March 2007 increased 31% to $1.3 billion, with net income up to $166 million.

Keppel builds one-third of all offshore drilling rigs worldwide. Its order book through 2010 stands at $6.5 billion, with customers like Petrobras (NYSE:PBR), Diamond Offshore (NYSE:DO), Transocean (NYSE:RIG), Pride (NYSE:PDE), and Noble (NYSE:NE).

Sustained high energy prices have kept Keppel's cash flow numbers consistently higher. Operating cash flow rose 18.5% from 2005 to 2006, while the measure grew a whopping 93.9% in this latest quarter on a year-over-year basis.

Keppel's property subsidiary, KepLand (OTC BB: KPPLF.PK), boosted profits 72% in 2006. While its Singapore operations accounted for three-fourths of the profits in the latest report, the future lies throughout Asia: More than 8,000 apartment units will open in China through 2009, 3,100 in India, 1,800 in Vietnam, and 1,100 in Indonesia.

With an estimated 2007 P/E at 18.2 and forward estimates of 15.3 in 2008, Keppel looks poised to translate its strong performance into juicy gains for shareholders for years to come. Foolish investors would be wise to keep this energy play on their radar.

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Fool contributor Dale Baker, a private client portfolio manager and former U.S. diplomat with extensive experience in Europe and Africa, owns shares in Keppel and Kepland for himself and his clients. He welcomes your questions. The Fool has a disclosure policy.