Seatrium (formerly known as SembMarine)

[winston]

Sembcorp Marine may be in focus on Tuesday after it said its Jurong Shipyard unit had won a $640 million contract from Larsen Oil & Gas to build a deepwater semi-submersible drilling rig.

[winston]

SembMarine wins US$400 mln deal from Maersk Olie og Gas

SMOE, a subsidiary of Sembcorp Marine, has secured a contract worth some US$400 million from Maersk Olie og Gas AS.

The contract is for the construction of a HBD Platform to be installed in the Danish sector of the NorthSea.

Construction is expected to start in November 2008 with onshore completion scheduled June 1, 2010. -- BT newsroom

[winston]

Not vested. From Kim Eng:-

Sembcorp Marine – Company update (Rohan Suppiah 64321455) Previous day closing price: $4.18
Recommendation: Buy (maintained)
Target price: $4.95 (raised)
♦
Announces new offshore platform and semi-sub orders
Sembcorp Marine (SMM) recently announced that
1) its SMOE subsidiary has secured a contract worth US$400m from Maersk Olie og Gas AS for the construction of a HBD Platform in the North Sea, to be completed by June 2010; and
2) it has secured a contract from Larsen Oil & Gas to build a deepwater semi-submersible rig for US$640m. This is the fourth consecutive semi-submersible newbuild that the owner has placed with SMM. Delivery is scheduled for April 2011.
♦
Pricing significantly higher
Of the two contracts, the semi-submersible pricing is in line with that of a recent Letter of Intent with Seadrill, and, more significantly, is 22% higher than the previous semi-submersible ordered by Larsen in Jan 2007. The higher price effectively mitigates the weaker US dollar, increased steel prices and labour costs, thereby allaying fears of margin squeeze.
♦
No margin compression
The value of both these contracts therefore provides us more comfort with our turnover and margin assumptions for FY2010 and beyond. In the current tight market for deepwater rigs, SMM indeed has the pricing power so as not to get squeezed on higher input costs. We are consequently raising our long-term margin assumptions.
♦
Order momentum to remain strong
Year to date, SMM has won orders amounting to some $3.2bn, with its current total orderbook now around $9.5bn. We still expect more orders in the coming months, on the back of record oil prices driving up demand for deepwater exploration and production assets.
♦
Raising target price to $4.95
We are raising our DCF-derived target price for SMM from $4.56 to $4.95 on the back of a less conservative margin assumption for FY2010 and beyond. We are also raising our FY10 net profit forecast by 3%, while FY08 and FY09 remain unchanged. Our BUY recommendation is maintained.

[winston]

Sembcorp Marine may be in focus on Friday after it said Atwood Oceanics Pacific has conditionally exercised an option to construct a second deepwater semi-submersible rig with its unit Jurong Shipyard.

[winston]

Not vested.

08-07-2008 07:18:20
Singapore's SembCorp Marine wins $565 mln rig order

SINGAPORE, July 8 (Reuters) - Singapore's SembCorp Marine has won an order to build a deepwater semi-submersible drilling rig for $565 million, the rig-builder said on Tuesday.

SembCorp's Jurong Shipyard unit will build the rig for Atwood Oceanics Pacific, a unit of Atwood Oceanics Inc , SembCorp said. The rig will be delivered in mid-2012, with an option for a third rig.

The order is not expected to impact SembCorp's earnings ending December 31 2008, the firm said.

[millionairemind]

Sembcorp Marine Bags US$220m Rig Deal
Sembcorp Marine, through its unit PPL Shipyard, has won a contract to build a US$220m jack-up rig for the Egyptian Drilling Company. This is the second rig that PPL is building for the oil firm, a joint venture between the Egyptian General Petroleum Corp and Denmark’s AP Moeller Maersk, and is scheduled for delivery in mid-2010.

[winston]

Not vested.

Deutsche lifts target price to S$5.05 (from S$3.80)

[winston]

Not vested. From DBS:-

2Q08 revenue and net profit for SembCorp Marine rose 51% and 40% qoq to S$1386.1m and S$128.3m respectively; coming in above our expectations of S$115m.

Order flows picked up significantly since 2Q08. We are confident that order flows for this year will meet S$5.5bn. Management confirmed that major cost components such as drilling package, high
tensile steel as well as other steel costs are locked in at the time that the contract is signed, thus protecting margins.

Maintain Buy; TP: S$ 4.75 (Prev S$ 4.85). SembCorp Marine is our top pick in marine sector.

[LenaHuat]

SINGAPORE - Singapore rig-maker Sembcorp Marine said on Monday that its unit PPL Shipyard has won a US$425 million contract to build two jackup rigs for Egyptian Offshore Drilling Company.

The first unit will be delivered by the end of 2010 and the second by early 2011, the company said in a statement. -- REUTERS

[millionairemind]

September 10, 2008, 5.46 pm (Singapore time)
Sembcorp Marine's unit wins $99m contract

SINGAPORE - Singapore' Sembcorp Marine said on Wednesday that its unit has won a $99 million (US$69 million) contract to convert a tanker into a floating, drilling, production, storage and offloading (FDPSO) vessel. -- REUTERS