I hope Fortran to support a popular syntax like
subroutine mysub( x, val = -1 )
integer, optional :: val
or in a more Fortran style
subroutine mysub( x, val )
integer, optional :: val = -1     !! not SAVE attribute intended
but this seems not supported (as of 2016). So some workaround needs to be done by the users' side...
In my case, after trial-and-errors, I settled down to attaching one underscore to the optional dummy argument, so doing something like (*)
subroutine mysub( x, val_)
integer, optional :: val_
integer val
Other people seem to like the opposite pattern (i.e., dummy variable => sep, local variable => sep_, see split() in StringiFor, for example). As seen in this line, the shortest way to set the default value is
val = -1 ; if (present(val_)) val = val_
But because even this line is somewhat verbose, I usually define a macro like
#define optval(x,opt,val) x = val; if (present(opt)) x = opt
in a common header file and use it as
subroutine mysub( x, val_, eps_ )
    integer :: x
    integer, optional :: val_
    real, optional :: eps_
    integer  val
    real     eps
    optval( val, val_, -1 )
    optval( eps, eps_, 1.0e-5 )    
    print *, "x=", x, "val=", val, "eps=", eps
endsubroutine
...
call mysub( 100 )
call mysub( 100, val_= 3 )
call mysub( 100, val_= 3, eps_= 1.0e-8 )
However, I believe this is still far from elegant and no more than an effort to make it slightly less error-prone (by using the desired variable name in the body of the subroutine).
Another workaround for a very "big" subroutine might be to pass a derived type that contains all the remaining keyword arguments. For example,
#define getkey(T) type(T), optional :: key_; type(T) key; if (present(key_)) key = key_
module mymod
    implicit none
    type mysub_k
        integer  :: val = -1
        real     :: eps = 1.0e-3
    endtype
contains
subroutine mysub( x, seed_, key_ )
    integer :: x
    integer, optional :: seed_
    integer :: seed
    getkey(mysub_k)   !! for all the remaining keyword arguments
    optval( seed, seed_, 100 )    
    print *, x, seed, key% val, key% eps
endsubroutine
endmodule
program main
    use mymod, key => mysub_k
    call mysub( 10 )
    call mysub( 20, key_= key( val = 3 ) )
    call mysub( 30, seed_=200, key_= key( eps = 1.0e-8 ) )  ! ugly...
endprogram
This might be a bit close to what is done by some dynamic languages under the hood, but this is again far from elegant in the above form...
(*) I know it is often considered ugly to use CPP macros, but IMO it depends on how they are used; if they are restricted to limited extensions of Fortran syntax, I feel it is reasonable to use (because there is no metaprogramming facility in Fortran); on the other hand, defining program-dependent constants or branches should probably be avoided. Also, I guess it would be more powerful to use Python etc to make more flexible preprocessors (e.g., PreForM.py and fypp and so on), e.g., to allow a syntax like subroutine sub( val = -1 )