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Sembmarine
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hlfoo2010
Veteran |
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 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 The rest of Sete Brasil is owned by an investment fund backed by Brazilian pension funds such as Previ and banks Santander (Reporting by Charmian Kok and Jeb Blount Editing by Chris Gallagher) ((charmian.kok@thomsonreuters.com)(+65 6403 5666)(Reuters Messaging: charmian.kok.reuters.com@reuters.net)) Keywords: SEMBCORPMARINE ORDERS/SETE |
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krisluke
Supreme |
08-Aug-2012 09:40
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SMMSMM: 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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ozone2002
Supreme |
07-Aug-2012 17:14
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The Samba finale! Petrobras’ semi-sub boost for KEP orderbook at new record high. new semisubmersibles worth US$4.1bn. Including the first semisub order secured in December 2011, we estimate this series of rigs contracts will yield pretax profits of S$500m, based on 8% EBIT margin, over FY13 to FY19. Total current orderbook of S$13.4bn has now exceeded its previous peak, with a high book-to-bill ratio of 2.2x. KEP has finally firmed up contracts for 5SMM next in line for the Samba dance. also signed contracts with Sete Brazil late last week for six drillships to be built at SMM’s greenfield yard in Brazil. This will pave the way for SMM to finalise contracts for five more drillships, estimated at US$4.0bn. The contracts could potentially boost SMM’s FY12 YTD order wins to S$8.0bn, a record year for SMM, and bring its outstanding order backlog to S$11.5bn, translating to a strong book-to-bill ratio of 2.4x. Petrobras hasThe next lap – FPSO projects worth US$4.5bn. from the 28-rig newbuilding program, reported that Petrobras is set to imminently award contracts worth US$4.5bn for the construction of topsides for the first 6 of 8 FPSO vessels the contracts for the remaining 2 units to be awarded in the next 18 months. KEP and SMM are among the three leading bidders in line to secure 1 to 2 floater integration jobs each, while the remaining two will be split between the best performing among the initial contract winners. Each FPSO is worth about US$750m. ApartUpstream hadTime for SMM to play catch up. BUY calls on KEP (TP S$13.20), SembCorp Industries (TP S$5.90) and SMM (TP S$5.85), we expect SMM’s share price to catch up on relative performance vs. SCI, being a direct beneficiary of the forthcoming Petrobras contract for both drillships and FPSOs. At current price, SMM offers a cheaper direct proxy to ride on the upcycle of deepwater rigs – trading at 13.3x FY13 PE with an attractive dividend yield of 5% vs. 15x FY13 PE for the offshore & marine earnings via SembCorp Industries, after stripping off the value of Utilities. SCI offers a lower upside of 13% to our target
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alexmay
Veteran |
07-Aug-2012 08:06
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kepple already announce contract from Sete Brazil, next announcement from Semcorp marine soon!! |
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cashiertan
Elite |
06-Aug-2012 14:00
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strong resistance at $5 region, unless broken else no much meat to gain for upward thrust. Yangzhijiang if can break and close abv 1.1 will be a better buy. |
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ozone2002
Supreme |
06-Aug-2012 11:04
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There is no doubt that Sembmarine’s and Keppel’s order wins will hit a record this year. We expect Keppel to clinch S$10.2bn and Sembmarine S$11.2bn. Maintain Overweight, with stronger-than-expected contract awards being the key catalyst. SCI is still our top pick for its valuation and resilient utilities business. What Happened Petrobras announced that it has come to agreement with Sete Brasil, Queiroz Galvao, Petroserv, Odfjell and Seadrill on 15-year chartering of 12 floating platforms to be built in Brazil with national content of 55-65%. These 12 rigs are part of the 21 units negotiated with Sete Brasil. Petrobras also confirmed that six semi-subs will be built by Keppel’s BrasFELS in Angra dos Reis and six drillships will be built by Sembmarine’s Jurong Aracruz. Delivery will start in 2016. Petrobras has evaluated the shipyards’ capacity including deadlines, local content ratios, suppliers of equipment packages, environment licensing and financials. What We Think We expect Brazilian orders to dominate sector newsflow in the coming weeks. The remaining five semi-subs/drillships each by Keppel and Sembmarine could be announced in a staggered fashion, split by rig operators. Out of the six semi-subs by Keppel, three will be operated by Queiroz Galvao, two by Petroserv and one by Odebrecht. Three of Sembmarine’s drillships will be operated by Odfell and three by Seadrill. Petrobras could also award two FPSO topsides each to Keppel and Sembmarine, potentially above US$750m (see our 20 Jul report). Although operating margins for Petrobras contracts are high single-digit, we see upside from efficiency as repeated units will be delivered by 2017. LT margins guided by Keppel are 10-12%. SMM is more bullish, guiding 14-15%. What You Should Do Stay invested. We believe that sizeable contracts can boost share
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Dennis91
Member |
05-Aug-2012 12:29
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This link better
http://gcaptain.com/petrobras-signs-newbuild-contracts/ |
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Dennis91
Member |
05-Aug-2012 12:19
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i bought already have u? They should annouce tom morning,Thats our chance to buy, if they din.
http://www.agenciapetrobras.com.br/default_en.asp U need to sign up. |
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VestedInterest
Member |
05-Aug-2012 11:34
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How come no trading halt and/or announcment on SGX? |
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Dennis91
Member |
04-Aug-2012 14:35
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Signature of contracts for the chartering and operation of 12 drilling rigs to be constructed in Brazil
Rio de Janeiro, August 3, 2012 – Petróleo Brasileiro S.A. – Petrobras today entered into agreements with Sete Brasil, Queiroz Galvăo, Petroserv, Odebrecht, Odfjell and Seadrill for the chartering and operation of 12 floating drilling platforms to be constructed in Brazil with a national content of between 55 and 65%. After construction, the rigs will be chartered by Petrobras for 15 years. These 12 rigs are part of a package of 21 platforms negotiated with Sete Brasil. Of the six semi-submersible platforms to be built by Estaleiro BrasFELS in Angra dos Reis (RJ), three will be operated by Queiroz Galvăo, two by Petroserv and one by Odebrecht. The other six will be of the drilling vessel type and will be built by Estaleiro Jurong Aracruz (ES). Three will be operated by Odfjell and the other three by Seadrill. Petrobras conducted a prior analysis of the shipyards in order to evaluate their capacity to meet the contractual commitments associated with the construction of the platforms, including the deadlines and minimum national content ratios. Various aspects were verified, including the suitability of the installations, evidence of commitments with suppliers of inputs and main equipment packages, environmental licensing, management of HSE (health, safety and the environment) and contractual management, as well as legal and financial aspects. The 12 units will be delivered as of 2016 and will mostly be used for drilling wells in the pre-salt areas of the Santos Basin, including the onerous assignment areas. They can operate in depths of up to 3,000 meters, with a drilling capacity of up to 10,000 meters. Sincerely, Investor Relations. |
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krisluke
Supreme |
03-Aug-2012 12:10
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CIMB Research and DMG & Partners Securities cut their target prices on Singapore's Sembcorp Marine Ltd CIMB cut its target price to S$5.85 from S$6.50, after reducing its earnings per share (EPS) estimates by 6-11 percent for Sembcorp's 2012-2014 fiscal years. CIMB said Sembcorp's first-half core net profit was weaker than expected as the company executed lower-margin projects secured during the 2009-2010 order drought. The weakening U.S. dollar and euro also dragged margins down, it added. But sustained high oil price, stronger pick-up in the second half of 2012 and order flows could be the stock's catalyst, said CIMB, which has an outperform rating on Sembcorp. DMG lowered its target price to S$5.70 from S$5.80, after cutting its EPS estimates by 5 percent for the 2012 fiscal year and by 10 percent for 2013 on lower margin assumptions, and kept its buy rating. Sembcorp maintained its operating margin target of 14-15 percent for 2012 as it expects margins to improve once the higher-priced jack-up rig orders are executed, the broker noted. (Reporting by Eveline Danubrata in Singapore eveline.danubrata@thomsonreuters.com) ($1 = 1.2495 Singapore dollars) Keywords: MARKETS SINGAPORE STOCKSNEWS/SEMBCORPMARINE |
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krisluke
Supreme |
03-Aug-2012 12:06
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Sembcorp MarineSembcorp Marine: Announced 2Q12 results which was below estimates, largely due to timing issues, not underperformance. Rev at $1.2b, +46% yoy and +29% qoq, while net profit at $142.8, -5% yoy and +26% qoq. Operating margin for 2Q12 was slightly higher on a qoq basis at 13.1% (12.8% in 1Q12). Excluding currency effects, operating margin for 2Q12 would have been 13.9%. Mgt expects margin to improve going into 2H12 and maintains guidance for 14-15% operating margins for FY12.
The lower margin for 1H12 was due to early phases of project executions in which recognition was more conservative. Going into 2H12, margins could improve with more ship repair jobs, variation orders for projects near the tail-end and more aggressive recognition. New orders secured YTD amounted to $3.1b while net orderbook stood at $6.6b with deliveries up till 2Q15.
Street believes that the anticipated US$4. ($5b) drillship orders from Sete Brasil should be awarded soon and SMM is in the final stages of ironing out the terms of the contract. Taking into account the Sete Brasil orders.
Ratings as follow:
Daiwa maintains Outperform but reduces TP to $5.58 from $5.85.
Deutsche maintains Buy with $5.45 TP.
DMG maintains Buy with $5.70 TP.
Maybank KE maintains Buy with $6.20 TP.
Nomura maintains Buy with $6.08 TP.
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krisluke
Supreme |
03-Aug-2012 12:00
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Sembcorp Marine: Expecting more in 2H12 Sembcorp Marine (SMM) reported a 46.4% YoY rise in revenue but saw a 4.6% fall in net profit to S$142.8m in 2Q12, such that 1H12 net profit accounted for about 40% of both ours and the street’s full year estimates. However we had noted in our earlier report “More going for SMM in 2H12” (27 Jun 2012) that we expect SMM’s earnings to pick up in 2H12 as higher margin contracts contribute to the group’s results. Operating margin was 13.1% in 2Q12 but the group is still striving to achieve 14-15% for the year. Enquiries remain healthy and we expect them to consequently add to the group’s current order book of S$6.6b (vs S$5.1b as at end 2011). Meanwhile, construction at the Singapore and Brazil yards are progressing well. We tweak our estimates and update the market value of Cosco Corp in our SOTP valuation. As such, our fair value estimate slips slightly from S$5.71 to S$5.69. Maintain BUY. (Low Pei Han) |
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sgnewbie
Master |
03-Aug-2012 11:40
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http://sgxreports.blogspot.sg/2012/08/sembcorp-marine_3.html |
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hlfoo2010
Veteran |
03-Aug-2012 11:18
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The mgt should Get contracts first than talk. |
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ozone2002
Supreme |
03-Aug-2012 10:48
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watch out for likely petrobras contract wins Expect good news from Petrobras Management is confident of the final award for the remaining five drillships (about US$4bn) from Sete Brasil in 2H12, together with two FPSO topsides (more than US$750m) from Petrobras. YTD, Sembmarine has secured about S$3bn worth of orders along with S$5.7bn backlog. We keep our order forecast of S$11.2bn for 2012 (Petrobras:
DYODD gd luck! |
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sgnewbie
Master |
03-Aug-2012 09:16
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http://sgxreports.blogspot.sg/2012/08/sembcorp-marine.html |
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