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1234567 Senior	05-Dec-2007 22:45        1234567 About Contact  Quote this Post!
x 0   x 0  Alert Admin	SembCorp Marine is acquiring a 70% stake in a China company which offers services for marine design work. It will pay 1.8million renminbi or S$350,000 for the stake in ShangHai Jurong Marine Engineerng and Technology. Besides providing design and drafting work for SembMarine, it will also recruit engineers in China to provide the design and drafting back-up for the projects.
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Pinnacle Master	29-Nov-2007 08:26        Pinnacle About Contact  Quote this Post!
x 0   x 0  Alert Admin	SembMarine lodges exec trade complaint with S'pore SINGAPORE, Nov 28 (Reuters) - Singapore's SembCorp Marine , the world's second-largest offshore oil rig maker, said on Wednesday it had lodged a complaint to the financial police over unauthorised trades by a former executive. SembMarine said in a statement it had dismissed its former group finance director, Wee Sing Guan, and that its subsidiary Jurong Shipyard Pte Ltd had lodged a complaint against him with the Commercial Affairs Department over foreign exchange deals. The firm has said it lost $303 million due to alleged "unauthorised" currency trades, the biggest trading loss in Singapore since 2004 when China Aviation Oil lost $550 million in botched bets on oil prices. The firm is also locked in a legal battle with France's biggest bank, BNP Paribas , over the payment of $50.7 million from Jurong Shipyard for the currency trades. SembCorp Industries has a 61 percent stake in SembCorp Marine. SembCorp Industries is in turn 49 percent owned by Singapore's state investment firm Temasek Holdings [TEM.UL].
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Pinnacle Master	28-Nov-2007 09:19        Pinnacle About Contact  Quote this Post!
x 0   x 0  Alert Admin	SembCorp Marine Limited (?SCM?) and Nasser Mohammed Al-Mukairish and Partners Company (?Al Mukairish?) have signed a joint venture agreement to form SembMarine (Middle East) Pte Ltd (?SMME?). SMME will be a Founding Shareholder in the Saudi Arabia joint stock company named Floating Dock for Shipbuilding and Ship Repair Company ("FDSCO"), which will build, own and operate the FDSCO Yard during its 30-year term. SCM will invest US$6.6 million in cash in SMME through subscription for 60 percent of SMME, and subscribing to 6.6 million fully paid equity shares in SMME at US$1 each. Al Mukairish will subscribe the balance 40 percentage through a US$4.4 million investment. Fully operational by 2009, the FDSCO Yard will have a shiplift system for new building and repair of vessels up to Handymax size and a floating dock for repair of vessels up to Suezmax size. The other associated facilities will include ship construction halls, wet and dry berths, final outfitting and commissioning quay, supporting infrastructures and services as well as training facilities.
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Pinnacle Master	28-Nov-2007 09:11        Pinnacle About Contact  Quote this Post!
x 0   x 0  Alert Admin	SembMarine "may' have bottomed up, but not so sure of the market. All counters will be affected when market is still diving south. Furthermore, definitely there will be court cases coming up as creditors are knocking on their door for the payment. So its still to be seen how is the impact going to be.
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lynn89 Member	27-Nov-2007 22:41        lynn89 About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	SembMarine has bottomed out. Good base to buy into, and hold for the medium term. Price will gap up upon any news on securing of new rig contract in the weeks ahead !
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asleep Member	27-Nov-2007 17:11        asleep About Contact  Quote this Post!
x 0   x 0  Alert Admin	I wonder if semb mar needs to pay up or will they try to mount everything on that guy.
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cashiertan Elite	27-Nov-2007 16:04        cashiertan About Contact  Quote this Post!
x 0   x 0  Alert Admin	noble group is another good counter. rose more than 10c today. news must be good.
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rainbow9 Member	27-Nov-2007 15:28        rainbow9 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Dow dropped 237 pts , most of the counters dropped except SemCorp Marine, it raised 8 cts to $4.22 .It had dropped from $5.70 to this unbelieve level of $3.90+ due to Forex loss. Prospect is bright due to large contracts in hand. Vested and will keep it  for long term. Hope the year end rally will come soon .
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Pinnacle Master	27-Nov-2007 13:12        Pinnacle About Contact  Quote this Post!
x 0   x 0  Alert Admin	SembCorp Marine seeks court help on BNP payment SINGAPORE, Nov 27 (Reuters) - Singapore rig builder SembCorp Marine said on Tuesday that it is seeking a court injunction against BNP Paribas , which has demanded payment of $50.7 million from its subsidiary for currency trades. The case stems from foreign exchange losses of $303 million suffered by SembCorp's subsidiary last month, which the company said were allegedly caused by a senior finance executive's "unauthorised" trades. Earlier this month SembCorp, the world's second-largest builder of offshore rigs, said it had closed all of these forex positions with the 11 banks involved.
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rainbow9 Member	26-Nov-2007 10:04        rainbow9 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Wow...Solid rise of 22 cents...hope it is the begin of an uptrend.
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lucky168 Veteran	25-Nov-2007 18:00        lucky168 About Contact  Quote this Post!
x 0   x 0  Alert Admin	this may be hindered by the uncertainty on the financial scam. no hurry to buy now.
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jennlsk Member	22-Nov-2007 17:01        jennlsk About Contact  Quote this Post!
x 0   x 0  Alert Admin	Kinda of early still.  Havent reached Aug 17 low yet.
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178investors Veteran	22-Nov-2007 16:54        178investors About Contact  Quote this Post!
x 0   x 0  Alert Admin	...looks like revisiting the $3.5 soon... bad bad ..
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rainbow9 Member	22-Nov-2007 15:39        rainbow9 About Contact  Quote this Post!
x 0   x 0  Alert Admin	SemCorp Marine got new contract of 300 millions. Long term prospect is good. Buy and keep for retirement.
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ygc91285 Member	22-Nov-2007 11:31        ygc91285 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I think anything between 3.5 and 4.0 is a good entry point and hold for mid/long term. Long term outlook is bright Good luck.
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sarahlkh Senior	22-Nov-2007 00:22        sarahlkh About Contact  Quote this Post!
x 0   x 0  Alert Admin	issued wind up
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arowana1 Member	21-Nov-2007 21:24        arowana1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	im seeing sm being sold down unreasonably. the money claimed by bnp is part of the amount sm announced as forex losses. nothing new. juz that bnp did not want to negotiate, unlike sg. sg willing to accept the payment but subject to it being returned if court or others decide the trade was illegal whereas bnp is fighting that the trade is legal and hence wants the money. we should be expecting this kind of thing right? nothing new... old news but people playing up the bad news to short and buy at low? whatever... all i know is im going in under $4 if it gets there tomolo.
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ygc91285 Member	21-Nov-2007 17:45        ygc91285 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Think more bank will come forward to demand payment....expect a rough ride and long legal battle. Sold all my units and wait for things to settle down. Good luck!
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jennlsk Member	21-Nov-2007 08:56        jennlsk About Contact  Quote this Post!
x 0   x 0  Alert Admin	BNP Paribas demands 50.72 mln usd payment from Singapore's SembCorp Marine unit      11/21/2007 8:48:00 AM  SINGAPORE (Thomson Financial) - Singapore-based oil rig builder SembCorp Marine Ltd said Wednesday BNP Paribas has demanded payment of 50.72 million US dollars from its subsidiary, Jurong Shipyard, for possible foreign exchange losses arising from deals entered into by a former official of SembCorp Marine Should the unit fail to do so within 21 days from yesterday, BNP Paribas is threatening to file an application to wind up Jurong Shipyard, the company said The amount being sought by BNP is part of the 303 million dollars in potential foreign exchange losses incurred by Jurong Shipyard as a result of unathorized transactions entered into by SembCorp Marine's former group finance director Wee Sing Guan "In Sembcorp Marine and Jurong Shipyard's view, the demand is baseless and an abuse of the winding up process. The demand was issued despite the fact that BNP had been informed by Jurong Shipyard that there is a genuine and serious dispute relating to whether the unauthorized transactions are valid and binding," SembCorp Marine said in a statement BNP Paribas has also been informed that Jurong Shipyard has the capacity to make the payment if it was found to be liable for the forex losses, it said Jurong Shipyard has instructed its solicitors, Drew & Napier LLC, to vigorously oppose BNP Paribas' action SembCorp Marine said on Monday it is injecting 300 million Singapore dollars into Jurong Shipyard to help the unit settle some of the forex losses Part of the funds will be used by Jurong Shipyard to pay 115.45 million dollars to Societe Generale to close a forex transaction Notwithstanding the payment, the company said it continues to believe that the forex transactions entered into by the former finance director were not valid and binding
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Blastoff Elite	21-Nov-2007 08:29        Blastoff About Contact  Quote this Post!
x 0   x 0  Alert Admin	SembCorp Marine , the world's second-largest offshore oil-rig maker, said BNP Paribas has demanded payment of $50.7 million, which is part of the disputed $303 million in foreign exchange losses allegedly caused by its senior executive.
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