Seatrium (formerly known as SembMarine)

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Watch this market >> LNG

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Oil rig maker Sembcorp Marine Ltd may be in focus after it secured two engineering contracts worth $300 million from Exxon Mobil Corp, to build floating storage and offloading facilities at the Banyu Urip oilfield in Indonesia.

Source: Reuters

[winston]

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Sembcorp Marine Q3 net profit down 24.8% to S$222.51m

By CARINE LEE


Sembcorp Marine Ltd on Thursday posted a 24.8 per cent year-on-year decline in net profit for the third quarter ended Sept 30, 2011.

Net profit for the reporting quarter was down to $222.51 million from $295.97 million a year ago, due to lower operating profit from jack-up rig building projects and the receipt of the disputed foreign exchange transactions with Societe Generale in 3Q 2010.

Turnover was up 16.8 per cent to $1.3 billion from $1.11 billion a year ago, on the back of resumption of margin recognition upon sale of CJ-70 harsh environment jack-up rig.

Earnings per share was down to 10.69 cents for the third quarter ended Sept 30. A year ago, EPS was 14.29 cents.

Year-to-date net profit was down 15.8 per cent to $522.88 million from $620.9 million a year ago.

For the nine months ended, revenue also fell 17.1 per cent to $2.96 billion from $3.57 billion due to fewer jack-up and semi-submersible rig projects.

Consequently, EPS for the nine months was 25.14 cents, down from 30.01 cents a year ago.

Source: Business Times

[winston]

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RESEARCH ALERT-DMG cuts Sembcorp Marine target to S$5.16

SINGAPORE, Nov 4 (Reuters) - DMG & Partners has lowered its target price for the world's second-largest rig builder, Sembcorp Marine Ltd , to S$5.16 from S$5.46, but maintained its buy rating.

STATEMENT: Sembcorp Marine reported on Thursday a 25 percent fall in its third-quarter net profit to S$222.5 million, hurt by higher costs of sales. This was in line with DMG's expectations, it said.

DMG has cut its 2011-2013 earnings per share forecast for Sembcorp Marine by 2-8 percent as it expects lower margins for its new jack-up projects.

The brokerage has also cut its target price for Sembcorp Marine to account for a lower valuation for its 30 percent stake in Cosco Shipyard.

DMG maintained its rating as the company is seeing more bids for ultra-deepwater rigs and its share price could rise if it wins orders from Brazil's Petrobras.

At 0221 GMT, shares of Sembcorp Marine were up 2.4 percent at S$4.20. The shares have fallen about 22 percent since the start of the year.


Source: Reuters

[winston]

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Sembcorp Marine says currently not bidding for STX OSV

SINGAPORE, Jan 18 (Reuters) - Sembcorp Marine , the world's second largest rig-builder, said on Wednesday it has not made a bid for a 50.75 percent stake in Singapore-listed STX OSV Holdings Ltd .

"Sembcorp Marine wishes to state that currently it is not making a bid for the stake in STX OSV. Sembcorp Marine evaluates investment opportunities from time to time and will make the necessary announcements when appropriate," the company said in a statement.

A source familiar with the firm told Reuters on Tuesday that the company is considering bidding for the stake, valued at $603 million.

STX separately said it had chosen JPMorgan and Standard Chartered to manage the sale. The news drove STX OSV shares higher.

Source: Reuters

[winston]

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Sembcorp Marine Ltd, the world's second largest rig-builder, reported a larger-than-expected 26 percent fall in quarterly net profit as it booked fewer higher-margin projects.

It earned S$177 million ($141 million) in net profit excluding exceptional items for the three months ended December
compared to S$239.4 million a year ago.

Source: Reuters

[iam802]

Temasek Looking To Sell Partial Stake In Sembcorp Marine - Sources

http://www.4-traders.com/SEMBCORP-MARIN ... -14196455/

Singapore state-investment company Temasek Holdings Pte. Ltd. is looking to sell a part of its stake in Singapore-listed rig builder Sembcorp Marine Ltd. (S51.SG), people familiar with the situation said Monday.

Details on how much the investment company plans to sell or when weren't immediately available.

According to information on Sembcorp Marine's website, as of March 2011, Temasek has a 61.48% deemed interest, or 1.275 billion shares, in the rig builder, mainly through its 49% stake in Sembcorp Marine's parent Sembcorp Industries Ltd. (U96.SG).

Based on Sembcorp Marine's shares closing price Monday at S$5.40, Temasek's deemed interest of 1.275 billion shares is worth about S$6.88 billion (US$5.5 billion).

[winston]

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Sembcorp Marine, the world's second-largest rig builder, reported a 25 percent drop in first quarter net profit to S$113 million on Wednesday, partly due to lower margins on the rigs it delivered compared to a year ago.

Source: Reuters

[winston]

not vested

Singapore's Sembcorp Marine, the world's second-largest oil rig builder, said on Thursday its second-quarter net profit fell 4.6 percent from a year earlier to S$142.8 million ($114.3 million), on lower operating profit from rig building projects.

It said despite the economic uncertainty and volatile global markets, the fundamentals for offshore oil and gas activities remain intact, driven by demand for shallow and deep water drilling rigs. It also proposed an interim dividend of 5 Singapore cents per share.

The company secured orders worth a total of S$3.1 billion excluding ship repair since the start of the year. Net order book rose to S$6.6 billion from S$5.1 billion at the end of 2011, with completion and deliveries extending till the second quarter of 2015.

Source: Reuters

[winston]

not vested

Sembcorp Marine-2Q12: Margins crimped by forex losses.

(SMM SP/BUY/S$4.88/Target: S$5.80)
FY12F PE (x): 20.1
FY13F PE (x): 18.4

Results were within our expectation but appear to be below consensus estimate. 1H12 net profit of S$255.9m (-15% yoy) is 48% of our 2012 forecast. Our earnings forecasts for 2012 and 2013 remain about 20% below consensus.

We tweak our 2012-14 earnings forecasts by -1% to -2%. The key risks are contract wins and margins. We have assumed contract wins of S$11b for 2012 and S$6b each for 2013 and 2014.

Our 2012 forecast has factored in S$7b worth of contracts from Brazil. Ytd, SMM has won total new contracts worth S$3.1b, of which S$990m relates to the drillship orders secured from Sete Brasil in January.

Maintain BUY and target price of S$5.80, which values SMM’s own shipyard business at 18x 2013F earnings.


Source: UOBKH