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Sembmarine

ozone2002
Supreme

22-Aug-2012 09:40

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wait for dip then buy... don't chase

Sembcorp Marine: Upside potential still there
Sembcorp Marine (SMM) has been one of the top performers in the O& M space so far this year due to several reasons: 1) demand for the group’s products remain high, supported by oil prices and buoyant activities in the industry, 2) its good track record and efforts to stay ahead of the curve have positioned it well to secure new orders, 3) its strong orderbook provides defensiveness when uncertainty in the global economy has resulted in a general lack of clarity in corporate earnings outlook, and 4) contracts have been forthcoming so far this year. Looking ahead, the above-mentioned factors are likely to remain for the medium term, and we still see upside potential for the stock based on forward valuations. We are also increasing our new order win estimate to S$9.5b (from S$8.7b) as we expect more contract wins. As such, our fair value estimate increases from S$5.69 to S$6.09. Maintain BUY

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KepcorpSembmar
Member

18-Aug-2012 02:48

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Additional US$950m contract coming , will break the 52 week high of $5.43 this month !

ozone2002 ( Date: 10-Aug-2012 10:29) Posted:

Keppel Corp has secured two contracts worth a total of about

US$950m from the Petrobras-led consortiums, Guara BV and

Tupi BV, for the fabrication and integration of topside modules

on the Floating Production Storage and Offloading vessels

(FPSO) P-66 and P-69. As part of the agreement, Petrobras has

an option for a similar contract to be exercised by 1Q 2014.

These latest orders bring Keppel’s FY12 YTD order wins to

S$8.5bn (vs. full year order wins assumption of S$11.2bn), and

raises its order backlog to S$14.6bn. Maintain BUY on Keppel,

TP S$13.20. Based on previous reports from Upstream, we

believe Sembcorp Marine is next in line to secure 2 of such

FPSO projects, with similar value.

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ozone2002
Supreme

17-Aug-2012 10:44

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Sembcorp Marine BUY TP: SGD6.20

33.2%

4.3%

Below

- Margins came in slightly below expectations, but we attribute it to timing issues

Positive - Robust contract win momentum supports positive view on offshore activities

- Slump in global economy resulting in lower oil prices, freezing of credit markets and oil companies hold back on spending - Lower than expected order wins - Lower than expected margins - Competition from Korean yards

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sgnewbie
Master

17-Aug-2012 09:37

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http://sgxreports.blogspot.sg/2012/08/offshore-marine.html

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krisluke
Supreme

15-Aug-2012 09:57

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SembMarine: Secured a contract worth US$135m from Diamond Offshore for the Ocean Apex Project. Schedule for delivery in 2Q2014. The rig will be capable of operations in depth of up to 6k ft and have crew capacity of 140 personnel.

The construction will be done through utilizing an existing hull from Diamond Offshore and is a continuation of Diamond’s ongoing fleet renewal program.

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niuyear
Supreme

14-Aug-2012 10:22

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Yes sir, sembmarine cant fail people.

ozone2002 ( Date: 14-Aug-2012 10:21) Posted:

Del monte KETCHUP!

gd pedigree horse.. sembmar! 516

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ozone2002
Supreme

14-Aug-2012 10:21

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Del monte KETCHUP!

gd pedigree horse.. sembmar! 516

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alexmay
Veteran

13-Aug-2012 10:09

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still have 9 more rigs for award, Any chance for SemMarine to be awarded. Any sifus have information?

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ozone2002
Supreme

13-Aug-2012 09:04

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sembmar 5.07.. catching up with Kepcorp on its rally..

gd luck dyodd..

ozone2002 ( Date: 10-Aug-2012 10:06) Posted:

5.05 sembmar playing catchup with Kepcorp's rally.. still have dividend to give out..

gd luck dyodd..

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ozone2002
Supreme

10-Aug-2012 10:29

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Keppel Corp has secured two contracts worth a total of about

US$950m from the Petrobras-led consortiums, Guara BV and

Tupi BV, for the fabrication and integration of topside modules

on the Floating Production Storage and Offloading vessels

(FPSO) P-66 and P-69. As part of the agreement, Petrobras has

an option for a similar contract to be exercised by 1Q 2014.

These latest orders bring Keppel’s FY12 YTD order wins to

S$8.5bn (vs. full year order wins assumption of S$11.2bn), and

raises its order backlog to S$14.6bn. Maintain BUY on Keppel,

TP S$13.20. Based on previous reports from Upstream, we

believe Sembcorp Marine is next in line to secure 2 of such

FPSO projects, with similar value.

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sgnewbie
Master

10-Aug-2012 10:25

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http://sgxreports.blogspot.sg/2012/08/sembcorp-marine_10.html

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ozone2002
Supreme

10-Aug-2012 10:06

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5.05 sembmar playing catchup with Kepcorp's rally.. still have dividend to give out..

gd luck dyodd..

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krisluke
Supreme

09-Aug-2012 09:11

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[Trading Central] Sembcorp Marine: rebound in sight.

08 Aug 2012 11:29

Update on supports and resistances.

Short Term View (Rise, Limited Rise, Consolidation, Limited Decline, Decline)	Limited Rise
Change In Short Term View	None
Medium Term View (Bullish, Range, Bearish)	Range
Change In Medium Term View	None

Pivot: 4.62

Our preference: Long positions above 4.62 with targets @ 5.15 & 5.38 in extension.

Alternative scenario: Below 4.62 look for further downside with 4.38 & 4.18 as targets.

Comment: the RSI calls for a bounce.

Key levels
5.6
5.38
5.15
4.98 last
4.62
4.38
4.18

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ozone2002
Supreme

08-Aug-2012 11:23

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Order book at record S$11.6bn

At long last, Sembmarine has inked aformal contractto build five more drillships worth US$4.03bnfor Sete Brasil. This lifts its YTD new orders to S$8.1bn,for a recordorder bookof S$11.6bn. Stronger-than-expected orders could be itscatalysts.

Maintain Outperform, EPSand target price (18x CY13 P/E, +1SD of 5-year mean). YTD wins form80% of our unchanged S$10.2bn target. Backed by the current drillships, Sembmarine could be expected to be awardedmore unitsbyPetrobras.

What Happened

Sembmarine has finally signed contracts with Sete Brasil to build five more drillships for US$4.03bn.Add to that anearlier unit fromSete Brasil in Feb12, Sembmarine has won US$4.8bn drillshipcontracts fordelivery from 2Q15 to 2Q19. Each delivery will be 6-9 months apart.

What We Think

We are happy that the contracts have materialised, after a long 3-year wait. These drillships are priced 1.8% higher than the first unit. Some 35-45% of the construction workwill take place in Singapore. Construction for the first unit has started and will be20% completed and recognised by 4Q12. Management still looks forward to14-15%EBIT margins in the longer term. Assuming Sembmarine is able to bagS$4bn new orders p.a.from 2013, we expect earnings growth of 15% for 2014-16.

What You Should Do

Stay invested for more positive newsflow. Sembmarineis in the running for at least another US$3.8bn projects, including two FPSO topsides from Petrobras. Yard availability would allow itto fast-track jack-up-rig delivery in4Q13/1Q14vs.Keppel’s 3Q14.

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krisluke
Supreme

08-Aug-2012 10:38

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share of thot... ...

Resistance $5.03, $5.06, $5.15 ... ...

Support $4.96

Broke... $4.93 (hovering the past few days)

Most impt , close the gap after temasek mass selling !!

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hlfoo2010
Master

08-Aug-2012 10:17

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when come to announ new contracts

it appear Kep smarter than semb ??

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ozone2002
Supreme

08-Aug-2012 09:49

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sembmar has to play catch up in terms of the movement with kep corp

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krisluke
Supreme

08-Aug-2012 09:42

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Sembcorp Marine Ltd , the world's second-largest oil rig builder, said on Wednesday it has secured contracts worth about $4 billion from Sete Brasil, highlighting Brazil's push to become one of the world's three largest oil producers.

Sembcorp's orders, for the design and construction of five drillships, will be built in Brazil and be chartered to Brazilian state-led oil firm Petrobras for 15 years, which needs them to develop giant new offshore oil resources. The orders are for high-specification drillships with advanced capabilities for ultra-deepwater operations, and are scheduled for delivery between 2015 and 2019. Sete Brasil is 10 percent-owned by Petrobras, which is buying dozens of offshore drilling rigs, oil tankers, floting production platforms and offshore support vessels under a $235 billion five-year investment plan, the world's largest corporate spending programme.

The rest of Sete Brasil is owned by an investment fund backed by Brazilian pension funds such as Previ and banks Santander , Bradesco , BTG Pactual and state-owned Caixa Economica Federal.

(Reporting by Charmian Kok and Jeb Blount Editing by Chris Gallagher) (([email protected])(+65 6403 5666)(Reuters Messaging: [email protected])) Keywords: SEMBCORPMARINE ORDERS/SETE

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krisluke
Supreme

08-Aug-2012 09:40

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SMM

SMM: as expected, announces US$4.032b drillship contracts from Sete Brasil, a day after Keppel’s own Sete Brasil order announcements. SMM’s order is for 5 drillships based on its proprietary Jurong Espadon drillship design.

Recall in Feb ’12, SMM already received one drillship order from Sete Brasil priced at US$792.5m. All 6 drillships will be high specification, and ultra-deepwater, capable of operating at 10000 ft water depth and drilling to depths of 40000 ft with accommodation facilities for a crew of 180 personnel.

SMM’s drillships are scheduled for deliveries btwn 2Q15 to 2Q19, similar to Keppel. The orders bring SMM’s ytd order wings to $8.2b, exceeding its $3.7b order wins for the whole of last year, and above Keppel’s ytd order wins of $7.2b. With the extended orderbook visibility, both rig builders continue to be Street favroties.

SMM has 22 Buy and 4 Hold ratings with TP btwn $4.40 - $7.00.

KEP has 23 Buy, 2 Hold and 1 Sell rating with recent TP btwn $12.05 – 14.80.

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alexmay
Veteran

08-Aug-2012 08:49

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http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_FFED3A0099CBE17A48257A53007FB2D6/$file/SCMPressRelease8Aug2012.pdf?openelement

Semcorp Marine secures contract worth USD4.032billion !!!

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